Posted on: 26th Apr, 2010 12:55 pm
we had loan modifications befor on the original loan but still couldnt meet the payments now home is worth considerably less than what is owed on loan. is there a way to get loan modified to the amount that the house is now worth? $285,000 verrsus $75,000
It will be your lender's discretion whether or not he would give you a mortgage modification again. You will have to request the lender for a reduction in your principle balance. Depending upon your financial situation, the lender will let you know whether or not he would accept your loan modification request.