Anyone do a mortgage restructure?

STBX and I are trying to figure out what to do with out house. Has anyone done a mortgage restructure? I've heard mixed information about this. Some say that it lowers your monthly payments but tacks on the outstanding $ every month to the end of the mortgage. For example, if I pay $2600 now and I restrucutre and get it lowered to $2000 per month, they tack on that extra 600 to the end of the mortgage, which includes interest. Is this true?

Re: Anyone do a mortgage restructure?

I have never heard of that

a loan modification would lower the rate which would lower the payment

but this doesn't sound like a great option

Re: Anyone do a mortgage restructure?

Yes I do mortgage restructures all te time. They can absolutely save you money but like everything else it all depends on your current situation. I am an approved Mortgage Vendor on this site and have done consultations for many couples on this site. Mail me your contact info if you would like and I could give you a free consultation and if the numbers make sense I could point you in the right direction and you may not even need me.

My phone number is 631-787-8534. If you like we can talk for 15-20 minutes. I will take some very GENERIC information and I will have a very good idea of what you can save per month, year and life of your mortgage.

I hope to hear from you soon.

Thomas Lupski
PSP Home Funding Solution

Re: Anyone do a mortgage restructure?

Loan modifications are very rarely a good option. I do loan modifications however there are a laundry list of other options that I will try first. Also, there are so many mortgage products out there, government products especially, that many people qualify for. You would be surprised.

Thomas Lupski
PSP Home Funding Solution