Success!

Today we got the exciting news that we got one of our clients approved for a loan modification with HSBC. The borrower originally started with a 7.45 rate that adjusted to 12.5 in just 18 months after his initial fixed period expired. The borrower was on a "2/28" or a loan that was fixed for the first two years and then became adjustable. In many cases these loans have rates that can adjust 1.5 points higher every 6 months. The worst part...they NEVER adjust below the floor rate or start rate of the loan. So even if rates go lower, they will not adjust down in all cases.

These loans are so toxic that they are no longer written by banks and lenders. In fact, many of these loans were paired in combo loans or 80/20's. In this case, many homeowners face an adjusting first mortgage payment and cannot refinance because their two mortgages total more than their home is worth. Until now, homeowners had few choices, they could either pay the higher mortgage payments or walk away. At UpsideDownFlorida we can help you determine if a loan modification will work for you while saving you hundreds of dollars monthly.