Well I was very happy the other night. I got a call for a loan modification. It was 9 pages with 1 doc being notarized. What this loan mod was is part of the Bush plan. It took the borrowers who were 3 years into their loan that originally started at 7.25% now 3 years later was at 10.5%. Their loan amount was over 400,000.00 making their payment in to the 4000.00 + mark. It took them back down to the original 7.25%. I thought for sure that there were large fees included. I happily found out that there was not. It also did not take them to the 30 year plan it included the 3 they have already paid and now is 27. One more great thing was that they had incurred late fees and missed payments what happened with that was it was just tacked on to the original loan amount. I am happy that there is this plan going on. Do you hear any negative about it?
For now the rates have dropped and that is a good thing.!!
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