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Can someone help me on this Mortgage bailout?
I had a friend call me and was telling me from her understanding that if you are 10 days late on your Mortgage payment then you can file for the paper work for the bail out money and then your lender has to lower the interest rate to 4 % and refinance your mortgage. Has any one herd of this? I haven't and if so could you please explain to me more about the details and what to do? Just her story just sounds to good to be true. Thank you in advance for your time and help.
3 Answers
- New mommy 2010!Lv 41 decade agoFavorite Answer
I seriously doubt it would be from being 10 days late. Most institutions give you a grace period for longer than that. It's people like you that has our country in such bad shape right now. Everyone wants hand outs.
- Anonymous1 decade ago
Your friend is either grossly misinformed, or pulling your leg.
Most people cannot even start the process of loan modification until they are 2 payments behind!! LOL
And, even then, they cannot FORCE their lender to give them a 4% rate, much less make them even modify their loan!
Nice work if you can get it I suppose! LOL
