Mortgage Guy: Are you interested in a loan modification today?
Me: Actually, I just need to make a payment.
Mortgage Guy: Do you know that your home qualifies for a loan modification under President Obama's --
Me: No, it doesn't. But I'll be happy to hear all about it once you take my payment. You do want my money, right?
Mortgage Guy: I see that you have two loans with us. Which property is this for?
Me: The Little Blue House. My account is with Bank --
Mortgage Guy: My computer says that this property will qualify for a loan modification.
Me: It's not my primary residence. So it will not qualify under Obama's program. But thank you for asking. Now about that payment --
Mortgage Guy: Yes, but our company has our own in-house modification program and it may qualify under that.
Me: Really?
Mortgage Guy: Yes.
Me: Okay, that's great. But I've never done a modification. So I have a few questions.
Mortgage Guy: Are you having trouble making your payments?
Me: No.
Mortgage Guy: Does the amount you receive in rent cover the mortgage, taxes, and insurance?
Me: Yes.
Silence.
Me: See, I won't qualify.
Silence.
Mortgage Guy: You might.
Me: Well, let me ask you a few questions then. Will it negatively affect my credit?
Mortgage Guy: Probably.
Me: Will it extend the term of my loan?
Mortgage Guy: Yes.
Me: Will my payment drop?
Mortgage Guy: Maybe. At least for a term.
Me: So tell me again why would I modify my loan?
Mortgage Guy: Because your interest rate is at 6%. We could modify it to be lower. Possibly. For a term of five years.
Me: But if I wanted a lower interest rate, wouldn't I just refinance and keep my credit intact?
Mortgage Guy: Um. Would you like me to transfer you to the refinance department?
Me: No thank you, may I just make my payment?
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9 comments:
Good Lord! They get incentives to do modifications - so, not surprised that they are hawking that. Almost as bad as when they were hawking the ARM mortgages and such.
The modifications are really a last resort scenario because you do get hit with a "deliquency" for the amt you don't pay. So, while I think I might actually qualify, it isn't worth it to me.
And the conversation didn't end there, if you can believe it, Chacha!
This qualifies for an official "giggle-snort," the highest award in derisive comments available to mortgage reps. Nicely handled, Kelly. I actually bleated out a serious laugh on that one!
I feel like this is the story of my life - it made me chuckle that I'm not the only one. :)
I really feel like this particular company needs to better educate their staff on their programs and ethics (I know I'm going to get at least one email about even mentioning that). It seems irresponsible to me.
And, Kathleen, I was just contemplating your cookies. AGAIN.
Kudos to you for maintaining your cool and being civil with him! After the third 'Can I please just make a payment?' I'd have probably screamed in frustration or hung up (or probably both!)
Mortgage bankers are definitely my friends. Anyone who's in the business who wants to inform or help me with anything that they're trying to sell or offer, (in my eyes) deserves my attention and gratitude.
HOWEVER, you'd think they'd be a little better versed in their sales tactics, and more importantly, their products.
If he offered me a program that would make sense, why wouldn't I take it, you know?
Wow. You just know the guy was working from a script. At least he was honest that it's only a short-term benefit in one way that screws everything else up.
True, I guess, Nick. But I don't think he would have told me if I hadn't questioned him about it -- at least not initially.
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