Ask Kate About Mortgage Loan Modification

by Jill
(California USA)

Ask Kate About Mortgage Loan Modification
Can you clarify a couple of questions on mortgage loan modification? My hair dresser is upside down on her mortgage and considering a short sale. She thinks a loan modification is not possible for two reasons.



1) Her bank, or any bank, will not modify her mortgage because she is "upside down" meaning mortgaged over and above the current appraised value of her property.

2) She must hire a lawyer (the associated cost worries her) to get through all the issues since the bank won't make the process easy.

Can you point me to the specific place on your website that addresses these two issues on mortgage loan modification? I want to share this with my hairdresser.

Also, what is your opinion with respect to the two issues above, truth or myth?

Answers From Ask Kate About Mortgage Loan Modification


Hi Jill, "Worry is like a rocking chair. It will give you something to do but it won't get you anywhere." Anonymous

Please ask your hairdresser to visit Is A Mortgage Loan Modification Easy which helps homeowners with decision making.

At my newest website, Prime-Real-Estate-Articles.com, she will find Mortgage Modification - Are You A Candidate for more help in her situation.

To answer your question... Banks and home loan institutions are currently modifying mortgages on properties with decreasing values and not making it mandatory to hire an attorney.

Best wishes to your hairdresser. I hope you'll both come back to my website again in the future. Of course, all of my information is free.

So remember to bookmark Get-Your-Best-Mortgage-Rate.com and Prime-Real-Estate-Articles.com to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.

You can also invite your hairdresser and other friends to comment on this page or create a page of their own like you did.

Best Wishes,





Kate Ford
Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

Economic Stimulus Plan | Bailout
FHA|Credit|Rates|Advice|Refinance


What if you could share your views about mortgage news important to you? Now you can!


Return home from Ask Kate About Mortgage Loan Modification

Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com. The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation.

Click here to post comments.

Join in and write your own page! It's easy to do. How?
Simply click here to return to Contact Kate With Your Mortgage Question
.

Grin and Bear It!

Get-Your-Best-Mortgage-Rate.com is getting a facelift!

Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!

I'm grinning. Hope you're enjoying the new look too!

Your friend,
Kate Ford

You Can Own My Brain

Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.

Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.

Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.

Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.

Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.

FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.

PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?

ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.

Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.

Website Answers by Kate - Yes... Readers even ask Kate how to build a website.