Active Bankruptcy Mortgage Loan Modification
hi all,
Just wanted to jot a note about the loan modification I am involved with. Been approved for this and the bank is just reviewing my 6-mo. bank statements, and other income info.
I was told that active bankruptcies do not require a 20% down payment and that the arrears are put to the back of the loan.
My originating loan was at 10.25% which was a reflection of my high credit card balances.
I asked about the rate today for the modification. He said each situation gets a different rate.
Anyone know about this?
Just wanted to jot a note about the loan modification I am involved with. Been approved for this and the bank is just reviewing my 6-mo. bank statements, and other income info.
I was told that active bankruptcies do not require a 20% down payment and that the arrears are put to the back of the loan.
My originating loan was at 10.25% which was a reflection of my high credit card balances.
I asked about the rate today for the modification. He said each situation gets a different rate.
Anyone know about this?