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Thread Owner
Please is anyone familar with how the Loan modification typically works. A friend is getting her mortgage modified but they have not told her the new terms. Bank of America/Green Tree offered a lower mortgage payment and after 3 timely payments have been made the exact modified terms will be disclosed.
I am a commercial banker but not familar with the mortgage loans. The mortgage was lowered from $1100 to $600. With 30 yr rate at 3.5% it seems as though they might be stretching the terms past 30 yrs to offer such low monthly payment
So my question is do they typically forgive any portion of the loan, offer a lower interest rate for a longer period (30-50 yrs).
Thanks. Any info would be great. Folks on CW always have a wealth of information.
I am a commercial banker but not familar with the mortgage loans. The mortgage was lowered from $1100 to $600. With 30 yr rate at 3.5% it seems as though they might be stretching the terms past 30 yrs to offer such low monthly payment
So my question is do they typically forgive any portion of the loan, offer a lower interest rate for a longer period (30-50 yrs).
Thanks. Any info would be great. Folks on CW always have a wealth of information.