What is loan modification or a principle reduction?

Hi nla_no,

A loan modification will lower your interest rate but would increase your loan term. It will not reduce your loan amount. However, in case of principle reduction, the principle loan amount will be reduced by the lender.

I would suggest you to speak to your lender about principle reduction. You need to inform the lender about your hardship. If the lender is convinced about your hardship, then he may accept your request for principle reduction.

Thanks

Hello, I recieved a trial period modification from my current lender. I am excited for the offer but have heard of others also getting there principle lowered as well. I was not offered this. How can I get this?

Hi Lola,

You can contact your lender again and request for a principal reduction along with loan modification. It is up to the lender to decide whether or not he would agree to your request.

Thanks

YES,LOAN MODIFICATION IS BEST TO SAVE MONEY OR TO HELP OUT FROM BANKCRUPCY.
YOUR JOB HAS LOST BUT YOUR WIFE HAS JOB, SO YOU CAN TRANSFER THIS LOAN TO HER NAME OR YOU CAN MODIFY YOUR LOAN IN LOW INTEREST RATE OR BY CHANGING EMI BUT IT WILL BE INCREASE LOAN TERM. SO BEFORE GO THROUGH THIS PROCESS TAKE ADVOICE FROM EXPERT.

THANKS
SONI