"It's really hard to get excited about loan mod schemes when so many people default even after they mod. Some of the schemes, meanwhile, don't even get that far. They can't find anyone to sign up"
HJN at 15:09 2008-12-18 said:
I was recently contacted by an attorney's office who does loan mods. They guarantee results or you get your $5K back. They promise to do a "Forensic Audit" of loan documents from our current lender.
We have a 10 year 5 3/4 % interest only loan on two houses & then it balloons. We would like to get a 30 year fixed on the primary & a lower interest rate on the secondary before we attempt to sell it.
We have equity in both houses. The houses are both very up-scale & pricey.
Our current lender does not want to re-finance our loans. We can't sustain both houses in the current climate. Selling the second home now would not be a good idea.
Is it still a bad idea to go through a loan mod on at least our primary home which we expect to keep for the long term?
What are the pitfalls? Any damage to our credit rating? Are the negatives the same as in your article about loan mods?
Any suggestions? Permalink