Ask Kate About Mortgage Loan Modification

by Jill from 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.

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 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,

Ask Kate how to get the best mortgage rates
Ask Kate



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



More Help to Save Your Home

Special Edition Making Home Affordable - 13 options for homeowners struggling with unaffordable house payments.

Loan Modification Ask and Answer - Answers to loan modification, Home Affordable Programs, HARP, and HAMP questions.

Can I do a Mortgage Loan Modification myself? The answer is yes, but...

Don't give up. With a little knowledge, you can Stop Mortgage Foreclosure.

Foreclosure Help - Act now if you think you are going to be late on a mortgage payment.

Help for locating your lender to Stop Foreclosure Now.

By understanding your Adjustable Rate Mortgage, you can anticipate and plan.

When promises to Sell Your House seem too good to be true, remember this.

A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.

How to explain to your lender that you are trying to Prevent Foreclosure.

The first step to stopping Foreclosure is understanding its impact on your life.

Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.

Subprime Mortgage Loans fulfilled an important role in America.

Every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Learn how to transition to traditional mortgage financing.



Return from Ask Kate About Mortgage Loan Modification to Get Your Best Mortgage Rate




Click here to add a comment.

You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

Recent Articles

  1. List of Mortgage Companies - Kate's Lender Directory

    Jul 18, 18 12:02 PM

    Welcome to List of Mortgage Companies, a professional lender directory for homeowners and home buyers, organized conveniently from Alabama to Wyoming.

    Read more

  2. List of Mortgage Companies in Wyoming

    Jul 18, 18 11:26 AM

    List of Mortgage Companies in Wyoming: Find your best mortgage loans in Cheyenne, Casper, and other Wyoming cities using this mortgage lender directory.

    Read more