Well, I finally got a mod offer from OneWest. Only it doesn’t really modify anything about the loan. The only thing it does is take the arrearage and throw it into the back end of the loan. It doesn’t change the interest rate nor the terms. The loan would remain as toxic since the interest rate could increase and I could then wind up in the same exact position I am in today and I would still not be in a position to actually be paying the thing off, ever.
You know, had they done this back in December 2008 when they threw the escrow account in there that screwed everything up, I would have happily accepted it and I never would have gone delinquent. I would still be asking for a modification under HAMP, but there would be no rush, and my family and I would not be so stressed out.
So do I take a bad mod offer merely to get out from under the guns? Do I take this offer and hope that interest rates don’t go up in the near future to give my husband a chance to find work? I don’t know. The loan itself is not sustainable. Even if interest rates were to stay the same, I would only be paying the interest and never paying down on the loan. I would effectively be renting my house, with no guarantee that the rent would not be jacked up to an unaffordable level at any time.