Please help with Modification Papers!!!!

[Joel Fraser]

We just got approved for a modification from First Franklin. We are 2 payments behind on both mortgages (both First Franklin). The interest rate on the first was 7% with a payment of $1900plus per month. The interest rate on the second was 11% with a payment of over $802 per month. The new terms include the tax payment escrowed and read as follows: First mortgage reduced to 6% with a payment of $2,382.93 and the second mortgage reduced to 8.12% with a payment of $634 per monthand then it is to adjust in 2009 and 2010. So basically the payment will go from $2,700 per month (without taxes) to $3,016 per month (with taxes). The first mortgage is to stay fixed for 2 years and interest only. Is this really a better deal? The only thing is that like I said we are 2 payments behind and going on 3 (beginning of foreclosure on June1st which is just a few days away) Looking forward to anyh advice.Thank you