Loan MOdification?

Has anyone here already done a loan modification and what were your results, meaning how much $ did your bank lower out of your previous mortgage? I’m trying to get one done now but the bank only wants to reduce the mortgage payment by $100 which is meaningless in our situation. Thank you in advance for your input.

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One Response to 'Loan MOdification?'

1. lwp777 - May 31st, 2010 at 11:47 am

   I recently helped a client with a loan modification and they lowered the interest rate to 5.25% which lowered their monthly payment by about $700 a month. If your lender is not able to work with you then you may want to ask about a short sale so that you can get out of the house and rent for a while.

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