Today, 11/12/2010, Alice from James B. Nutter Co. called to inform me that a loan modification has been approved after 2 initial denials. My new payment: approx. $479 a month down from the original $563 per month. She tells me that I have to return the letter by fax and mail within 24 hours of receipt for the offer to be accepted. I am waiting for the letter to arrive. The 3-months trial period is to start on 11/22/2010 with the first payment.
Here is a link to information on the loan modification program.
According to the above website, my new payment is still over 31% of my monthly income. I need full disclosure of the terms of the modification before I can sign any papers. I am wondering about the 24-hour deadline on signing a letter without complete disclosure of the terms of the loan.
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