Quantcast
Learn About Homeownership:
QuestionsCompaniesPeople
Few decisions are more important than how to pay for or maintain your home. Question Big can help you stay smart and avoid mistakes.
Tagged with: loan modification
381
Views
1
Answer
0
Likes
Jackie Sue Dick
a year ago
I had an FHA 15 year mortgage at 3.25% and currently owe $90,000 on this loan with 11 years left on the mortgage. Due to a job loss, I applied for the HAMP Loan Modification with my lender Chase Bank and was approved. I have just finished with my trial payments and received my permanent loan modification. Throughout the entire process NO one told me my loan would be modified from a 15 year mortgage to a 30 year mortgage. With a 30 year modification I would pay $375,000 for a $90,000 loan.

My monthly mortgage rate went from $1400/month to $1040/month. I feel as though I have to accept the modification because I cannot afford $1400/month. I am now considering selling my home because I do not want to pay $375K for a $90K loan. Chase has told me that there is no pre-payment penalty or balloon payment with the new contract.

I need to know if there are any FHA or HAMP restrictions that state I cannot sell my home with a certain amount of time if I agree to the loan modification. Someone told me I might have to wait 2 to 5 years before I can sell my home.
I had an FHA 15 year mortgage at 3.25% and currently owe $90,000 on this loan with 11 years left on the mortgage. Due to a job loss, I applied for the HAMP Loan Modification with my lender Chase Bank and was approved. I have just finished with my... (more)
answer this question
Ask a Question
 


Choose up to 5 tags (e.g. FHA loan). We'll recommend some, but you can change them if you want.
Thank you!
Please check the email address you registered with for your account confirmation. Then click the activation link to get started.
Question Big is a community of consumers and professionals sharing experiences, knowledge and advice.
Report Content
I'm reporting this because I think it is:
Report User
I'm reporting this user because I think the user is:
Report Company
I'm reporting this company because I think the company is:
Thank you!
Our team will review the content you reported and will take appropriate actions. We appreciate your contribution to the Question Big community.