I overheard someone get a Loan Modification to a 4% mortgage rate at Chase. How do I do this too?
hamsterbabies asked:
The couple said they hadn’t paid their mortgage in like 6 months and almost considered leaving the house. But they got a loan mod for 4%. I want one too. I never get these kind of offers. Do I need 20% down? Is that why? It must be an ARM I’m sure….
Loan Modification FAQ
The couple said they hadn’t paid their mortgage in like 6 months and almost considered leaving the house. But they got a loan mod for 4%. I want one too. I never get these kind of offers. Do I need 20% down? Is that why? It must be an ARM I’m sure….
Loan Modification FAQ
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Comments
It is sort of a 2 edged sword. To get a special deal you either need excellent credit, or have to make them think they will get nothing at all. But in the latter case you trash your credit, and if you can get any other credit, it will cost you big time.
4% is not totally unreasonable. Variable rate on the free HELOC WaMu gave me when I refi’d in 2005 is currently 4.5% and Chase is still giving away 0% credit cards (I forget when that rate expires on my Chase Freedom card). Actually those are both Chase now.
Banks are not giving 4% loans to anyone.