Posted on: 11th Dec, 2010 01:38 pm
I am just breaking even on my income on paying the bills and my mortgage. I what a loan modification, but I have about $50,000 in my saving account. Is this going to count against me?
The lender will check your financial situation before he agrees to a loan modification. If he finds that you have a sound financial situation, then he won't agree to a loan modification.
Yes it's going to count against you. The lender wants to see major hardship to give you a modification or short pay off. Depending on your bills, $50K doesn't constitute financial hardship.
