Wells Fargo did modify my loan. I went from 10 years remaining to 17, and from a payment of 1400 to 800; the first 5 years they dropped the rate to 2%, then it heads up as high as 5%. I had a 5 5/8 rate fixed for 15 yrs when I got the note. The RV industry which I was with for 15 years has gone bust and most retail sales jobs are in the tank right now. Happy to get the mod!
Loan modification's are almost nonexistent. Seems got your loan mod because of the few years owed.
“Wells Fargo did modify my loan. I went from 10 years remaining to 17, and from a payment of 1400 to 800; the first 5 years they dropped the rate to 2%, then it heads up as high as 5%. I had a 5 5/8 rate fixed for 15 yrs when I got the note. The RV industry which I was with for 15 years has gone bust and most retail sales jobs are in the tank right now. Happy to get the mod!”
Now that sounds like a true loan modification program, they gave you what you need (lower payments) but rather than just take a loss, they extended your term and gave you a two year very low interest rate. Something, hopefully you both can survive successfully with. You make much more sense to me than the article...something is missing there. The perception that banks should give up property for nothing in return is abhorable to me.
I have always had an affinity for the RV industry. When I was young, my father wrote articles for RV’s in a RV specific magazine. We got to use various RV’s for free and he would write about how they did. Our claim to fame was being the first people to drive a motor home up Pikes Peak...in a Winnebago! My mother and sister were scared to death, we made it up and back without incident. Sometime in the near future I think it will be a very good time to invest in good RV company stock. But, it may be another couple years yet.
I have almost always had some kind of RV, tent trailer and now a very nice motor home, which we don’t use enough. RV’s are wonderful for bringing your “cabin” with you when you travel...so you can go to new destinations whenever you want.