john camacho: Can you get a Loan Modification if you are Upside Down?
- 08/21/08 01:34 PM
I thought I would write about this subject since there seems to be many homeowners upside down thinking there is no way they can modify their loans and stay in their homes because their values have dropped. There are no mandatory equity positions required with a loan modification as with doing a refinance. A loan modification or loan workout is NOT a new loan. It is a temporary adjustment to the existing loan usually lasting 3-5 years. After that time, the terms go back to normal per the Note. A loan modification may be granted based on the nature of the … (3 comments)
I thought I would write about this subject since there seems to be many homeowners upside down thinking there is no way they can modify their loans and stay in their homes because their values have dropped. There are no mandatory equity positions required with a loan modification as with doing a refinance. A loan modification or loan workout is NOT a new loan. It is a temporary adjustment to the existing loan usually lasting 3-5 years. After that time, the terms go back to normal per the Note. A loan modification may be granted based on the nature of the … (3 comments)
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