Mortgage Forum

Mike

I want to tell everyone out there to not give up. Also to thank this forum because I was able to get phone numbers to people who cared, or actually listened.As I had stated in posts over a month ago, we where planning on letting our home go as we could get know where with OOMC. Our interest rate was at a stagering 11.42%. But....We used the phone numbers to contact a higher up in the organization, Amy. She immediately stated that they did not want the home back and that it was not in the investers best interest. Ok now we where not really expecting much as we had already gone through a loan mod before with results that only put us further in debt. After sending our information to Amy I received a call yesterday that our loan mod was approved. I thought to myself, " yep and now comes the bad news", but it was great news.They are lowering the interest rate to 5% and stepping it up over the next 4 years to 5.75% which is where it will be for the life of the loan. They added about $2,500 to the principle, which I figured was not bad as I had not made a payment since May.So in short Don't Give Up. I was there and I had given up. The one number I found here saved my home. It can be done. Will I stay with Option One? That waits to be seen but 5.75% is pretty good and I am not being overcharged on the escrow either.Thanks Again