I am a Chp 7 discharge and did not reaffirm my mortagage.
I just received my FedEx package with modification docs. What a joke!!! Rate is staying the same (6.875, 30 year fixed), all fees/attorney costs/missed payments are added into loan balance. Loan maturity dates stays the same and payments are increasing from 3K to $3500. The only positive was 1st payment due in sept
It makes me wonder what their thinking. I obviously could not afford 3K and I am clearly upside down by 100% (new loan is 400K+, values of comparable homes is <200K). I would have to be a real ^&^%$#& to sign these docs.
I guess I can thank them for making this an easy choice. If the payments reduced to $2500 or less I would have a tough choice.
Back to expressing everyone one of my legal rights during the foreclosure process;)
Note: They did include in loan docs that this modification in no ways make me liable for this debt that was discahrge through my bk7. So there is hope for modifications after bk7. But it is pretty clear they want me out.
I just received my FedEx package with modification docs. What a joke!!! Rate is staying the same (6.875, 30 year fixed), all fees/attorney costs/missed payments are added into loan balance. Loan maturity dates stays the same and payments are increasing from 3K to $3500. The only positive was 1st payment due in sept
It makes me wonder what their thinking. I obviously could not afford 3K and I am clearly upside down by 100% (new loan is 400K+, values of comparable homes is <200K). I would have to be a real ^&^%$#& to sign these docs.
I guess I can thank them for making this an easy choice. If the payments reduced to $2500 or less I would have a tough choice.
Back to expressing everyone one of my legal rights during the foreclosure process;)
Note: They did include in loan docs that this modification in no ways make me liable for this debt that was discahrge through my bk7. So there is hope for modifications after bk7. But it is pretty clear they want me out.
Maybe if you call them back and tell them that you are going to walk...maybe...
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