Question: Can an individual get a home modification for a home equity loan?
Answer: -Anything is possible if the mortgage company is motivated enough.
Foreclosure University
Your Online Real Estate Investing Resource
Foreclosure University
Your Online Real Estate Investing Resource
I have heard loan modification services promise that they can bring my interest rate to a certain level that is way too low. I doubt my lender will be willing to accept. But if they really can, I would want to hire their services. Can anyone really do what they say they can?
A Loan Modification can affect ALL the terms of your loan, not just interest rate. Record depreciation of home values is causing lenders to also reduce the principle of loans. Second and third position lenders are accepting cents on the dollar since they would receive nothing in foreclosure.
Educate yourself on Loan Modification, even if you decide to hire someone to help you. Good luck.
What that company promises may not be impossible to achieve, but it is never guaranteed. Assuming that the company is legitimate, it is most likely that what they are talking about is the maximum level to which they can bring it down.
As one of the previous posts said, “It is never guaranteed!” If any company ever promises they can lower payments or interest rates to a specific level, I would start looking for another company. No one can promise you anything until they’ve had a chance to talk to your lender. They are only assuming and giving you the ultimate best case scenario to sweeten the deal, so be careful. There are companies out there that specialize in loan modification, but homeowners can also modify their loan themselves. Right now lenders are taking huge discounts “if you qualify”. It’s always a good idea to find out for yourself and proceed from there.