Back to Results

Tools

Partner Tools


Can a modification decrease the actual loan amount? Our value has dropped at least 30%...

Profile picture for paulmellow
A lower interest rate would be great (1st is at 6.5% and 2nd is at 8.8%) but we really need our actual loan amount to be decreased. Would we be able to list/sell our house soon after a modification?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 02 - Placerville
RSS

Answers (3)

Best Answer
Profile picture for wetdawgs
Contributions: 3947
Zillow All-Star

Since January 2009

If you are planning to sell your house soon, why don't you just investigate eligibilty for short sale rather than refinancing with a modification first?

  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 02
A short sale would be a better option for you.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 07
Profile picture for yaegermike
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 751
Why do you need to modify if you are trying to sell? Opt for a shortsale.

Lenders don't modify because your value dropped. If that was the case do you think it should be ok for them to raise your rate or loan amount if the value increases?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 02
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    55 reviews
  2. 4.9/5.0

    39 reviews
  3. 4.8/5.0

    45 reviews
  4. 4.7/5.0

    65 reviews
  5. 4.6/5.0

    41 reviews
Related Questions
Question Can a modification decrease the actual loan amount? Our value has dropped at least 30%...
  • Latest answer by Modification Secrets
  • July 07
Question Was turned down for a Wells Fargo HARP loan due to "bad ratios". Are they insane? What can I do?
  • Latest answer by Gregory Hayes Garver
  • July 02
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by jkustra
How safe is the neighborhood you live in?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName