loan modification finally done

tristate

LoanSafe Member
Apr 20, 2012
17
0
1
53
hello all:
my bank of america loan modification is finally finished.
THEY BROUGHT DOWN MY INTEREST RATE FROM 6.75% TO 3%.....THANKS TO NACA.
BUT
I AM STILL 100K UNDER WATER, MY HOUSE IS WORTH 325K BUT I OWE 411K.
MY QUESTION:
[SUB]DO THEY HELP WITH PRINCIPAL REDUCTION AS WELL ???
SHOULD THEY HAVE GIVEN ME A NEW LOAN FOR WHAT THE HOUSE IS REALLY WORTH???????

THANK YOU.
[/SUB]
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
DO THEY HELP WITH PRINCIPAL REDUCTION AS WELL ???
SHOULD THEY HAVE GIVEN ME A NEW LOAN FOR WHAT THE HOUSE IS REALLY WORTH???????
Hello Tristate, I'm glad to see NACA was able to help you achieve a loan modification! Unfortunately, they are not required to offer a principal reduction and they are rarely offered no matter how far underwater your mortgage may be.. Do you happen to know if your loan is owned by Fannie Mae or Freddie Mac? If so, neither institution currently allows principal reductions on loans they guarantee. I'm not sure what state or city you reside in, but keep a close eye on home values as they have risen substantially in many areas over the last year or so..
 

tristate

LoanSafe Member
Apr 20, 2012
17
0
1
53
thank you

thank you evan, i was just wondering. good point. i have not seen my prices rise yet but hopefully they will. again, i thank this forum for helping find naca and getting the best modification ever. they are a blessing.





Hello Tristate, I'm glad to see NACA was able to help you achieve a loan modification! Unfortunately, they are not required to offer a principal reduction and they are rarely offered no matter how far underwater your mortgage may be.. Do you happen to know if your loan is owned by Fannie Mae or Freddie Mac? If so, neither institution currently allows principal reductions on loans they guarantee. I'm not sure what state or city you reside in, but keep a close eye on home values as they have risen substantially in many areas over the last year or so..
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thank you so much for the kind words and that is a great interest rate you were offered! Rates are now on the mid 4 percent range for a 30-year fixed so it's very fortunate they offered only 3 percent for the life of the loan!! And as you know BofA has been quite difficult to work with compared to other servicers:suspicious: