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I've been paying for my home for 7 years, I owed 271,000 have not paid mortgage for 9 months and just got a home modification from
Bank o f America, originally Countrywide; it shows that the
Arm Rate has reduced from 8.25% rate has gone down to 6.50%. My original payment was 2800.00/month. The loan modification amount is 2800.00 (same amount) and my principle went from 271, 000 t $298,000 (new loan)for another 30 years. The house is worth 271,000 the same as we bought in 2001 according to our appriasal. What options do I have regarding renegotiating since I've not signed the documents. This is like buying a new home for $298,000 and what happened to the 7 years we've been paying? where did the money and 7 years of payment go?

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

Are you not aware of your balance mortgage amount? if not ask it from the lender. also $2800 seem to be very high. check it once again.

my suggestion is not to sign any paper. They are charging very high.

willimartha · Joined: 27 Jun 2009 Posts: 57 -0.11 Dollars($)

I will suggest please discuss issue with lender.

willimartha · Joined: 27 Jun 2009 Posts: 57 -0.11 Dollars($)

do not take fast decision it will throw you in loss

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modification higher than property value