Mortgage Forum

Joel Fraser

hi there! We've been trying to get a loan mod with our first mortgage which is emc. Our payment jumped to $2800 Sept. 1st. We haven't made that payment. We've been dealing with a negotiator who said that they're going to submit the paperwork with a proposal to freeze our rate at 4.7% interest for 38 months. Afterwards it would start adjusting again but we have a cap of 9.5%. The new payment would be $2005. He said we could possibly do another mod if we're in the same situation, etc after the three years. My question is, he wants us to make a payment of this amount ($2005) immediately so it looks good. Mind you we're not approved with the making of this payment. I was just wondering if this is normal and could they just be saying that to get some extra cash out of us then turn around and deny it? He didnt say anything about paying anything extra. We also have a second with Greenpoint that i'm getting ready to submit the paperwork to see about doing a mod on that on as the rate is fairly high. Help!! I'm supposed to call him back tonight. As always I love this site and tell everyone about it.