I received a Loan work out plan from GMAC under Obama’s Home Affordability Plan. It says i have to pay three trial payments. Thereafter I will receive Loan Modification Docs that would change the terms of my Loan for ever. My question is; Is this trial period payment is inclusive of Property taxes and HOA dues. Has any one received Loan modification docs after trial period. Does the amount remains the same as trail period payments. Does it include an escrow account that takes care of taxes and HOA dues.
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November 26th, 2009 at 3:06 am
It will not include your property taxes unless they were included with your mortgage at the start. HOA fees and dues are always paid separate from mortgage, banks have better things to do then make monthly or quarterly payments on your behalf. If you like your “trial payments” they’ll probably be the same forever. They just lengthen your payment from 30 to 40 years or something like that. Probably didn’t lower the interest rate more than .05 percent. As long as its a fixed rate, not Adjustable rate – you can probably live with it. Consider what you would have to put out in rent for comparable housing and at least you have off street parking.
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