How are the new home loan terms decided?
If your servicer (you make your check out to them) and your investor (actually owns your loan) are signed up for the Making Home Affordable program, your interest rate could go down to 2%, your loan could be amortized over 40 years, there may be a principal forbearance. It all depends on your housing Debt to Income Ratio compared to your Gross Income. If we do nothing else for you, let Marilyn help you cast your financial profile so you will obtain the best possible modification. She’s a wiz at this. She knows the Obama Plan probably better than Mr. Obama and has the coveted servicer guidelines for the Making Home Affordable Program.
