What are the pros/cons of "loan modification". Impac is offering to modify my loan rate to 4%.The service provider of my loan is Countrywide. Impac is the investor and, apparently, owns my loan. I've never dealt with them. Recently, though, they contacted me to offer to modify my loan. I have a 7 year ARM, interest only (jumbo loan) @ 6.25%. They said they are being proactive with good customers. I am current on my loan and my credit is excellent. If approved, they said they can get my loan down to a 4% interest for 5 years. There is a fee of ~ $2,000 - payable only if my loan modification is approved. If my interest rate goes down to 4%, this fee would pay for itself in 1 month.Is this possible? What are the pros/cons? Will this affect my credit rating? I don't want to turn away a great offer, but I also don't want to be naive. Help!February 20 2009 - Castro-Upper Market22YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.