Loan modification

Can you get a loan modification if you are not behind on a loan? Are there closing fees in all of them? Does the new rate last for the length of the new loan? Curious on something someone told me...

Re: Loan modification

I know that Chase would NOT modify our loan stipulations unless we were able to PROVE a hardship such as loss of a job or a death, etc. (which we didn't have) We also were NOT delinquent on any payments which is kind of what they are looking for to modify the terms of your loan............you need to be in extreme danger of losing your home.

That being said, we were able to qualify for the HARP loan as we were on time with all of our payments but upside down in our mortgage. There were fairly minimal closing fees which were rolled into our principal (about $2K) and in turn we dropped one point down to about 5.3% and we're now saving $370/month.

Most banks are offering the HARP loan and most have links on their website to the Making Homes Affordable Program to direct you on how to proceed.

Message edited 6/15/2011 4:51:13 PM.