firehorse
July 30th, 2009, 08:00 PM
Hello Everyone, I appreciate the help I have received from you. If you don't mind, I have another (2 actually)that is conflicting, and I'm not sure if I am seeing it correctly. Here's the background:
My HELOC Mortgage company contacted me about a modification. I am not behind, so I'm not sure where it is coming from, except that it is an ARM that can fluctuate monthly. Two years ago, I did inquire of a modification, just because of fluctuating interest rates, and I could not refinance due to dropping property values and stricter refinance policies, but again, I have never been late on a payment. This gentlemen told me that if I paid approx 1/2 of my HELOC payment (he gave me a fixed amt), after 3 months my loan would be sent for review for possible loan modification, but I had to tell them right there on the phone that I am interested. I am very suspicious, so I would not give him any of my ID info at first (he contacted me!), but he gave me a number to reach him. I searched the phone number, which does seem to belong to my mortgage co., and I found some info on the internet (government site) that modifications are being done under the program that he mentioned.
I asked "What could I expect if I do..." 14.2<30
Seems pretty positive.
What could I expect if I just forget about it? 39.1<63
Not sure what to make of coming vs. going. Any insights here?
My HELOC Mortgage company contacted me about a modification. I am not behind, so I'm not sure where it is coming from, except that it is an ARM that can fluctuate monthly. Two years ago, I did inquire of a modification, just because of fluctuating interest rates, and I could not refinance due to dropping property values and stricter refinance policies, but again, I have never been late on a payment. This gentlemen told me that if I paid approx 1/2 of my HELOC payment (he gave me a fixed amt), after 3 months my loan would be sent for review for possible loan modification, but I had to tell them right there on the phone that I am interested. I am very suspicious, so I would not give him any of my ID info at first (he contacted me!), but he gave me a number to reach him. I searched the phone number, which does seem to belong to my mortgage co., and I found some info on the internet (government site) that modifications are being done under the program that he mentioned.
I asked "What could I expect if I do..." 14.2<30
Seems pretty positive.
What could I expect if I just forget about it? 39.1<63
Not sure what to make of coming vs. going. Any insights here?