Upside Down Mortgage

Posts Tagged ‘loan modification marketing’

Loan Modification Market

Question: I'm working with countrywide to get a loan modification?

I've got them to agree to a modification. However, the principal balance is way too high still. Has anyone had any experience with lowering their principal balance it today's housing market?
Jessus, I'm not soliciting for a loan for god sake! I'm only asking for adive. You slime ball loan guys don't bother answering my question!
maybe I should be more clear I DONT NEED A LOAN!!! I have one! What I'm doing is working with my current mortgage company to modify my current loan. My question is... if anybody received a modification, have they ever gotten the mortgage company to approve lowering the balance of the original loan as well?

Answer: Yes. THey are severely understaffed in the modification department. They don't want to hire a bunch of people then lay them off in 8 months when the crisis passes. Most Countrywide mods are to give you a breathing space but not to lower the loan amount which is what you really need. Consider signing a deed to them before you get behind on payments..

Loan Modification Expert Moose Scheib on Fox News with Neil Cavuto

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!