|
what's a home loan modification?
| Posted By |
Message |
rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
|
what's a home loan modification?
anyone have any experience doing one of these? i'm not sure if i am a candidate due to my never being late. but, i am going through some life changing events now and may not be as on time as i have been.
what is it exactly? how does it work?
|
Posted 1/15/11 1:33 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
|
Re: what's a home loan modification?
It's like a refinance but without all the legal paperwork. There are a few papers for you to sign but you don't need an attorney and it's very quick. Basically, you are taking your existing mortgage and modifying it (rate and/or term). There is usually a flat fee and sometimes points (I paid $2k + 1/4 point over the mortgage rate). You do it with the bank that has your existing mortgage. If they sold your mortgage but continue to service it, I don't think the loan is eligible. My bank says I can modify up to once per year.
|
| Posted 1/15/11 4:04 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: what's a home loan modification?
every situation is unique
FM me and I can get the details from you and give you the correct info
|
| Posted 1/15/11 5:59 PM |
| |
|
Potentially Related Topics:
Currently 1140789 users on the LIFamilies.com Chat
|
