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They are offering you a modification under the HAM Program (Home Affordable Modification, aka The Obama Stimulus Plan) Under the guidelines of the program you may obtain an interest reduced to 2% and bring your payment as low as 31% of your current income. It also states that you need to be in a trial period for 90 days before they give you a permanent modification. Once you complete the 90 day trial period they will modify the loan to bring your payment down to 31%. They are some guidelines and requirements for the program, you can contact The Helpful Hands Foundation, Non-Profit Organization at 787-408-5996 they will give you a free phone consultation and clarify any doubts you may have.

Source(s)

The Helpful Hands Foundation, Inc, 501 C 3, Non-Profit Organization, www.gothhf.org (787) 408-5996 Free phone Consultation Foreclosure Prevention / Housing Counseling

by Victor

5 months ago

Asker's Rating: 

We were both young when I first saw you I close my eyes And the flashback starts I'm standing there On a balcony of summer air See the lights, See the party the ball gowns I see you make your way through the crowd You say hello Little did I know That you were romeo you were throwing pebbles And my daddy said stay away from juliet And I was crying on the staircase Begging you please don't go, and I said Romeo take me somewhere we can be alone I'll be waiting all there's left to do is run You'll be the prince and I'll be the princess It's a Love Story baby just say yes So I sneak out to the garden to see you We keep quite cause we're dead if they knew So close your eyes Escape this down for a little while Cause you were romeo I was a scarlet letter And my daddy said stay away from juliet But you were everything to me And I was begging you please don't go and I said Romeo take me somewhere we can be alone I'll be waiting all there's left to do is run [ Love Story lyrics from www ... ] You'll be the prince I'll be the princess It's a love story baby just say yes Romeo save me, then try to tell me how to feel This love is difficult, but it's real, Don't be afraid We'll Make it out of this mess It's a love story baby just say yes, oh, I got tired of waiting Wondering if you would ever coming around My faith in you was fading When I met you on the outskirts to town I said Romeo save me I've been feeling so alone I keep waiting for you but you never come Is this in my head, I don't know what to think He knelt to the ground and pulled out a ring And said Marry me juliet you'll never have to be alone I love you and that's all I really know I talk to your dad go pick out a white dress It's a love story baby just say yes Oh, oh, oh Oh, oh, oh, oh

by every1knows me_but_u_loser- 5 months ago

I haven't heard of that specific plan, but I work at a financial institution and this is something we would call a "work-out loan". Basically, when a bank or CU has to forclose or reposess, we both lose. The consumer loses their car or home, and the bank loses a lot of money when they have to sell it for very cheap. So what they'll often do, is offer a loan that they might not have originally approved, in order to help the buyer keep their home/car by making lower monthly payments. It sounds like that's what they're doing. I would be grateful, even though the interest MIGHT be a bit higher then original, the monthly payments will probably be quite a bit less, and you'll be able to keep your home. I wouldn't worry, I'd just thank them and try and make your payments from now on. Most places don't give a third chance. -NTW

by Nuts The Wiseguy- 5 months ago