Loan Mod Results

Final installment of my loan modification story.....

We got docs! The low down on the low payment is that it is interest only. It's not what I really wanted, but it's the best offer we could possibly get. Payments start at an amazing $1600 and then go up incrementally over the next 5 years from 3% interest up to 5% interest. After that we have no idea what our payment will be, but the interest rate will still be 5%, but then the principle will start to be added in with what remains, so payments could go huge after that. We are encouraged to pay more than the minimum interest only so that we are still paying down the principle. We will pay more, I just have to run the numbers and see what we want to add and what we can afford while things are still tight (me not working as an architect).

We are still waiting to see what CitiMortgage says. I'm still waiting on the "packet" to get things started. Apparently the packet can take 3 months to arrive. I'm not holding my breath.

Damn it's hot today. That never happens here, but I honestly think it's over 90 degrees.