Mortgage Renegotiation

xoxoxoBruce · 03-10-2009, 12:11 AM

A friend of mine bought a new motorcycle last week, so Saturday he was visiting most everyone he knows, showing it off.
He rode down to Delaware to visit a friend that was up to his ears with an ARM mortgage that was approaching 20%, and in danger of losing the house.

The guy told him the mortgage company (CITI I think) had contacted him to renegotiate the mortgage. They said it was part of the "bailout" deal and gave him 2% for three years and 4% after that on a fixed rate mortgage.

He also had a home equity loan with the same company, and they gave him the same 2%/4% deal on that.
Now he won't lose his home and his wife is smiling again.

This is the first positive result of the "bailout", I've personally heard of.

03-10-2009, 12:11 AM	#1
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	Mortgage Renegotiation A friend of mine bought a new motorcycle last week, so Saturday he was visiting most everyone he knows, showing it off. He rode down to Delaware to visit a friend that was up to his ears with an ARM mortgage that was approaching 20%, and in danger of losing the house. The guy told him the mortgage company (CITI I think) had contacted him to renegotiate the mortgage. They said it was part of the "bailout" deal and gave him 2% for three years and 4% after that on a fixed rate mortgage. He also had a home equity loan with the same company, and they gave him the same 2%/4% deal on that. Now he won't lose his home and his wife is smiling again. This is the first positive result of the "bailout", I've personally heard of. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

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