loan modification: Home Loan Mods; no free lunch here, and certain long term disaster.
- 02/27/10 01:41 AM
As the saying goes "there is no free lunch" and apparently this holds true in regard to Home Loan Modifications too. I just found this out, so if everybody else already knows this, then this may not be earth shattering. During the Home Loan Modification period of seven years, (for the plan I saw) the lender lowers the interest rate on the mortgage to get the borrower to a range of 31% of their income for their mortgage payment. What I did not know was that the lender adds the amount of savings the borrower receives to the end of the loan … (7 comments)
As the saying goes "there is no free lunch" and apparently this holds true in regard to Home Loan Modifications too. I just found this out, so if everybody else already knows this, then this may not be earth shattering.
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