I just finished calling IngDirect's Home Retention Program(Loan Modification), 1-888-464-6118 .
Scenario: Borrower has a Home Equity Line of Credit at 7% and balance of $59,000.
Issue: Called IngDirect to try to reduce interest rate.
IngDirect says NO. They only work with mortgages not Equity Lines as they are not "mortgage" but personal credit.
Again, another point of the confusion and unclear information out there. I think there are a lot of people in similar situations, and so I believe this will lead to more defautls in credit -whether personal or mortgage credit.
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The ING HELOC rate is 4%. I checked it today so you have your facts incorrect. Just check their website.
Clarifying my statement: The note I currently have with INGDIRECT is at 7.0%. And you are right their current rate is 4%. However, what I asked for was to reduce the rate and in order for them do to this it involves the Catch-22 cylce of good credit, provable income, and ratios. This leaves our many people who can fit this tight creteria and cannot continue with their current loan obligation and would like a loan modification.
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