All about Loan Modification

Here is a new Post at Wells Fargo / J.P. Morgan / US Bank Loan Modification – Loan ….

Story 1: I owned a property that I used for a clothing consignment shop. It was the perfect property, perfect size, in great shape, pretty cheap (in.

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Here is a response on similar topic:-

I asked my bank for a loan modification, they are offering me an interest only loan for 10 years. good/bad?

I think a lot of the answers you are getting are laughable, at best. OK, let's look at this. They are offering you a 4.375% interest rate. That is INSANELY low! The current rates are in the low 5's. You can always pay extra each month towards the principal. Everybody is so worried that you won't pay off the principal but it's all about the interest that you will be paying — that is most important.

You said it yourself. You can afford to pay twice that. I would accept their offer in a heartbeat and I would just pay extra each month as you can afford it. A lot can happen in 10 years. It's likely that you won't even own the house past that time frame.

FYI, here is a list of recently published Posts on same topic:-

Loan Mod Secrets…Learn How-To Modify Mortgage Loans. Loan Mod FAQs…
5 options to foreclosure
Rethinking Needed on Loan Modification
Loan Modification – How it works
Loan Modification to Stop Foreclosure

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Here is a news article on related topic:-

As Economy Worsens, Predatory Loan Modification Companies Come out …

Bank loan modification policies are changing daily" Contrary to some expert advice, do not jump up and contact your lender right away to see what loan …

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