Mortgage Forum

Mike

Just got off the phone with Saxon and I was told we were APPROVED for a loan modification reducing my interest rate from 6.9% interest only, to 5% interest and principle for 5 years. Also, they are adding 7 months to the backside of the loan making my 1st payment October 1st. We were in a Hybrid loan and had two options to pay: 1. interest & principle with a payment of $3913.00 or 2. interest only with a payment of $3158.00. We have only been paying the interest only payment all along. My new payment will be $3097.00 BUT it will include interest and principle. I was told my documents would arrive to my house on Monday 8/4. We are working on our second now with Select Portfolio.... I'll keep you posted.