I requested a modification in July, after being without work due to pregnancy and childbirth. I sent my paperwork in and was placed on a forbearance that would keep me out of foreclosure. I followed my forbearance to the letter, and finally (today) received my modification.
According to their website, my principal is $104,805.11. My interest rate is 8.99% and monthly payment is $871.00. Their proposed "modification": my principal would raise to $115,778.09, my interest would be 8.99% and my monthly payment would be $1256.93. How's that for a "Making Home Affordable" modification!?!?! Oh, it gets better, according to the man I spoke with (while at the HUD counselor) SPS doesn't do the "Obama" modification, they do an "in-house" modification.
These people are sharks. They prey on you when you're down and screw you when you need help the most. All I wanted was to lower my interest and put my arrears on the end of my loan, but instead I got screwed. Looks like I'm going to lose my house.
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