Why were you able to get one vs. another person who didn’t get one. A lot of people are are getting loan modifications but are principle balance reductions even more rare? How much do you reduce you principle by?
Loan balances are NOT lowered. The repayment is just stretched to 40 years. You borrow 200k you repay 200k That is why many are still losing their homes. Even taking a few hundred off the mortgage payment, but nothing can lower the escrow amount for property taxes and insurance. Those who bought more house then they could afford still cannot meet the payments
Are lenders really reducing principle balances during loan modifications and if so has anybody gotten one?
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August 29th, 2009 at 6:46 am
This post is great. I believe it is better to ask for help when it comes to modifying your loan. An attorney or consultant can renegotiate your terms with a higher success rate. They are experts at lowering your monthly payments.