(Closed) Have you looked into having or had your mortgage modified? Advice needed.

posted 7 years ago in Money
Post # 3
7431 posts
Busy Beekeeper
  • Wedding: October 2009

No experience, but if you go through with it, make sure that you get an independent (doesn’t work with the bank) appraiser to do your appraisal!!!! I have heard horror stories about the appraisal coming in way over what it should due to many reasons, and you don’t get your money back.  I am actually tempted to try this, we have only been in our house for a year, but our property tax plummeted by $30k (yet our payment increased by $71 – mtg dude says property taxes mean nothing to the loan, and they are recouping for blah blah blah), so I’m going to check out the comps in my area, and see if we could possibly get a modification.

Good luck, and please let us know if you go through with it and how it goes!!

Post # 5
18637 posts
Honey Beekeeper
  • Wedding: June 2009

Most people are having a really hard time getting their lender to modify their loan.  If you need to sell, you should look into doing a short sale where you sell for less than the amount of the loan.  You may owe taxes on the amount written down (but you would probably owe for a modification too).

Post # 8
7493 posts
Busy Beekeeper
  • Wedding: October 2010

Well, my ex-husband tried a variety of things with our house.  We had what I would call an “unsuccessful” modification where we had to be several months behind for them to talk to us about modifying- thus hurting our credit.  At the end of that process, it ended up not being worth it.  I would be careful about doing a short sale- depending on the state you live in, the bank can actually come after you for the “difference” of what you end up selling it for and what you owe.  Look careully into whether or not your state is a “deficiency state”.

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