tag:blogger.com,1999:blog-4505267985346850887.post3651106023895221582..comments2022-05-07T16:25:21.847-04:00Comments on Wall Street, Main Street: Unknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-4505267985346850887.post-13523135335239988612016-06-17T21:13:20.585-04:002016-06-17T21:13:20.585-04:00Why is the payment called "First Trial"?...Why is the payment called "First Trial"? Is this one of the Banksters' "Trial Modifications"? How's this different from a straight refinance of $100K+closing at 2% for 15 years? Sure, half the payment for half the loan amount. But, also adds 5 years to term.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4505267985346850887.post-75956131673268509222016-06-17T21:04:56.568-04:002016-06-17T21:04:56.568-04:00I think I'm starting to see....prior mortgage ...I think I'm starting to see....prior mortgage has been paid on for 10 years, leaving a balance of just short of $100K. Adding some closing costs and finance at 2% for 15 years would get one to your payment including T&I.<br />But, we're no longer talking of a $228,500 loan.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4505267985346850887.post-91855586283623591902016-06-17T20:53:24.759-04:002016-06-17T20:53:24.759-04:00Just a quick calculation, but a 15-yr fixed rate m...Just a quick calculation, but a 15-yr fixed rate mortgage at 2% on $228,500 comes to $1470 for P&I alone. So, something's different. Where's the other 31.25% of this payment? ($1010.90 is only 68.75% of expected P&I). Then, what are we doing about Taxes & Insurance, another $277.59/month? I'm getting about $1,740 per month. Did I mention maturity also added 10 years. I'm thinking some clarification of terms is in order here.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4505267985346850887.post-38403168615148272462016-06-17T20:36:03.701-04:002016-06-17T20:36:03.701-04:00Yea, most of these 'modifications' contain...Yea, most of these 'modifications' contain huge balloon payments, too. Sometimes in as little as 2 or 3 years. Add it all up and bankster _always_ maintains 100%.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4505267985346850887.post-806267945645066892016-06-08T14:55:44.317-04:002016-06-08T14:55:44.317-04:00Be careful with those documents. I see a lot of bl...Be careful with those documents. I see a lot of blank spaces. I don't see a break down of Principle, interest, insurance and taxes.What are the terms, is it a 30 year, fixed interest rate or interest only loan or one of their other funky crap offers. Our lender gave us a modification in 2009 and we are still battling this waiting to go to trial! Anonymousnoreply@blogger.com