Happy funding, Rudi
This doesnt sound good at all. 18%? WOW. How is it they are charging you 18%. What kind of Loan did you have(fixed, adjustable)? Who is the lender? I would pull out and review your original NOTE and loan papers. Please take the time to review them and respond to them after doing so. I have never heard of a lender being able to change the rate to 18% in these "modern" times. Even in the days of subprime loans, many had caps as to how high the rate could go in a 1 year period.
In terms of the modification, I wouldn't trust a thing the say until you have the confirmation in writing. You may need to consult a RE attorney if you do not understand the NOTE.
McKeever Real Estate
Good luck and hope you do have that modification you were approved for.
Realtor, GRI, CSSN
John Hall & Associates