Do loan modifications actually help?

Asked over 2 years ago - Las Vegas, NV

We've been reading about loan modifications, and they seem to be hard to get, as well as not too helpful. Is it worth pursuing one?


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Attorney answers (2)

  1. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . Loan modifications are not as hard to get as they used to be. Qualifying for a modification is about balancing your income & expenses.

    I filmed a 4 part series explaining how loan modification works & am posting the link to the first section of that series for you to view.

    Hope this perspective helps!

  2. Lawrence M Garfinkel

    Contributor Level 10

    1

    Lawyer agrees

    Answered . A loan modification can mean reducing your interest rate or extending your maturity date and reducing your monthly payments. Depending on whether you want to keep your house and what the equity position is it certainly can be a good thing and you should look into it. Good luck.

    The author of this posting is licensed to practice law in the State of Connecticut. This posting is intended as... more

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