It is not unusual for lenders to have a “fixed” rate for no more than 5 years, then market forces dictate the new “variable” rate ongoing for the remainder of the loan (unless you can fix it again). While rates are low, take advantage of this 5 year period and pay off as much as you can – you will save thousands in interest and take years off your loan
Hi,
Depending on how you present your case to your bank it might be temporary or permanent. Learn as much about the process as you can as it will help you negotiate the best terms when you are ready to call your bank. A good do it yourself guide is all you need
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_amandajohnson101@live.com, Please tell him that BEE from CA. USA church Mission Of God Church.. I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
4 Responses to If I request a loan modification to my mortgage under the Obama plan is it temporary?
Knuckles
May 15th, 2010 at 5:44 am
It is not unusual for lenders to have a “fixed” rate for no more than 5 years, then market forces dictate the new “variable” rate ongoing for the remainder of the loan (unless you can fix it again). While rates are low, take advantage of this 5 year period and pay off as much as you can – you will save thousands in interest and take years off your loan
Joseph
May 15th, 2010 at 6:03 am
Hi,
Depending on how you present your case to your bank it might be temporary or permanent. Learn as much about the process as you can as it will help you negotiate the best terms when you are ready to call your bank. A good do it yourself guide is all you need
Famus
May 15th, 2010 at 6:21 am
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_amandajohnson101@live.com, Please tell him that BEE from CA. USA church Mission Of God Church.. I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
Marisol
May 15th, 2010 at 7:10 am
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