Anyone here a mortgage financial wiz?

[Flowers]

hi, the details of my previous loan are/were:

loan: $492,000
30 year fixed 10.25%
payments were like $4400 per month

- I have not made a payment in 18 months.

With the Obama loan modification, they say that the rate can go down as much to 2% 30 yrs., and the past due goes into the loan again starting fresh.

What would the payments be on that ? ?

[DustinLH00]

$492,000 over 30 years @ 2.00% interest rate yields a monthly payment of $1,818.87.

[HHM]

Actually, the plans do not do a fixed rate of 2% for 30 years. What they do is something like,
2% for the first year
3% for the second
4% for the third
And then a fixed rate at whatever the market rate is, for the balance of the 30 years.

However, if you really got a 30 year fixed at 2%, your Principal and Interest payment would be around $1819 per month.

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

[Flowers]

HHM, where did you get that information? because I have payment #3 of my 3-payment plan due on July 1, and no one at the lender seems to know what the details of my payments beginning on August 1 and so on will be.

again, how come you know enough to tell me and they know nothing and might not even repeat what you have offered. thanks by the way, and if you have a link or info please advise.

[chrismackenz]

I completely agree with HHM. The plans donot do a fixed rate of 2% for 30 years. But if you want further help about the loan, you an visit to the links below

[Flowers]

I wonder what they do with all the past due + interest + late fees ???
Wonder if it all goes into the principal?
I wish they would tell me something, well maybe they do not know either.

[HHM]

The typical modification is they roll all past due crap into your principal and you simply restart making your normal mortgage payment.

[halloweendmb1]

go to fannie mae or freddie mac they clearly state it is not fixed at 2% for 30 years