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Profile picture for AshishandHeather

re-finance or modification

How do I re-finance/modify when I have over i million in loan and very high LTV - potentially underwater
  • April 06 2009 - Hayward Park
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Answers (4)

Don't pay for loan modification. The feds are cracking down on loan modifiers that are charging fees when the homeowners can get the services for free.

This is an article through U.S. Department of Housing (HUD)

http://www.hud.gov/news/release.cfm?content=pr09-033.cfm

These are some very helpful links. Get some free counseling from a governmental agency or one referred from one of the following links.

Remember, don't pay any fees when you can get it for free.

http://www.hud.gov

http://www.hopenow.com

http://www.makinghomeaffordable.gov/


  • April 06 2009
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Generally speaking, with the exceptionally low rates now available, almost everyone should be able to either refinance, or have their loan modified.

I believe refinancing is better than a modification.  I would encourage you to take advantage of Zillow's Mortgage Marketplace and enter your information.   Hopefully you'll connect with a highly regarded mortgage lender that will give you good pertinent advice after reviewing your information.
  • April 06 2009
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Hello,

Great question.  Many homeowners are going through the same predicament.  Loan Modifications are becoming very popular.  We can either reduce your rate or extend your mortgage allowing for a lower payment.  If you are at risk of losing your home and cant afford to be in the current mortgage a loan modification is an option to reduce your payments or adjust your rate.  Could work in your situation.

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  • April 06 2009
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Profile picture for Rob Cochems
 You need to call the servicer of your loan.
  • April 06 2009
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