Loan Modification Myths Busted
Can you modify your mortgage loan to reduce your principal balance? your interest rate? other terms of your mortgage? Over the past few months, I have heard a lot about mortgage modifications but very few details have emerged and I know of no one who has actually and successfully modified his mortgage.
I may be on the right track in obtaining more information. One of my new colleagues at Solo Practice University (where I teach a class about creating a Social Security disability practice) is an attorney in New York who has actually represented clients and has obtained mortgage modifications. She will be teaching a class about real estate law at SPU and I hope to be able to pick her brain about mortgage modifications.
In the meantime, here is a link to a recent blog post that Stefanie wrote entitled The Top 5 Loan Modification Myths. I hope that more solid information from legitimate professionals who understand mortgage modification becomes available so I can bring it to you in the pages of this bankruptcy blog.
Filed under Consumer protection, Mortgage modifications by
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Jonathan Ginsberg
Comments on Loan Modification Myths Busted
8:33 pm
There are a number of ways to get your mortgage "modified" and I personally recommend to do it yourself, find someone at the bank to sit down and talk with, and has out the details. Yes, in the strict tense there is the modification but you can also ask the bank for either a repayment plan or a forbearance agreement. Everything in life is negotiable.