LOAN MODIFICATION

Welcome to the LoanSafe Forums!
Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
Register for FREE

H HARDIN

LoanSafe Member
May 13, 2020
1
0
0
My home is valued at $597,534. My Interest bearing principal is $716,718.75 as of May 1, 2020. $119,184.75 under water. How under water must I be before I can get a loan modification? My present interest rate is 3%, my monthly payment is $3,711.45. I am self-employed and have been for about 20 years. I am current on mortgage payment, had a loan mod in 2016.
 

just_me

LoanSafe Member
Sep 14, 2015
643
63
28
Usually modifications are based on hardship programs and risk of foreclosure. Doubtful they would automatically reduce to value under a modification. The only other thing that comes to mind is a short-refinance. I can't see this being easy, plus customer service is hard to come by right now. COVID19 Pandemic forebearances and other gov programs are under development.

Also, a 2016 loan mod may very well contain a (scheduled) 5 year principal reduction for performance (which is 2021). I would try to obtain this benefit. HAMP mods contain these performance reductions.

Maybe others will chime in.