Posted on: 08th Oct, 2009 03:06 pm
Can a loan modification sometimes include the reduction of a 2nd mortgage balance? We've had a drop in our income, we can make the 1st mortgage payment, however the home equity monthly payment is now 3 months late
Normally loan modficiation will nto eliminate the princiapla.
Most of the lenders are lowering the interest rate and extendign teh loan period, so you can keep making payment at this time
So to answer your questions "if the modification will help to eliminate equity loan" is no
Most of the lenders are lowering the interest rate and extendign teh loan period, so you can keep making payment at this time
So to answer your questions "if the modification will help to eliminate equity loan" is no