Posted on: 26th Feb, 2009 04:49 pm
Should I modify my loan so I could get a lower interest rate? I have heard a lot that modification end up hurting people instead of helping them. Is there any dues that is going to be added so the monthly payment will go up instead of down.
I read a lot about modification but I still don't get it. What happen with all the payments that I have made?
I read a lot about modification but I still don't get it. What happen with all the payments that I have made?
I've never heard of a loan modification hurting someone.
Loan modifiactions are meant to assist homeowners with extenuating circumstances in keeping their payments affordable so that they can keep making their payments and
Loan modifiactions are meant to assist homeowners with extenuating circumstances in keeping their payments affordable so that they can keep making their payments and
Posted on: 26th Feb, 2009 05:03 pm
Hi barbie_kediri,
I agree with Chris. I haven't seen anyone being hurt by a loan modification. A loan modification helps you in saving your property from being sold. As Chris has said, it is one of the ways to avoid foreclosure as well. However, lenders sometimes add the past dues while modifying the loan in order to recover the debts.
Thanks
I agree with Chris. I haven't seen anyone being hurt by a loan modification. A loan modification helps you in saving your property from being sold. As Chris has said, it is one of the ways to avoid foreclosure as well. However, lenders sometimes add the past dues while modifying the loan in order to recover the debts.
Thanks
