If you are one of the millions of homeowners who received a loan modification during the Great Recession, you may now be receiving letters from your home loan servicer with new information about future rate adjustments. How does this affect you? If your rate adjusts, the interest rate on your modified loan could increase by [...]
The loan modification process can be very frustrating. If your loan modification is rejected, consider selling your house in a short sale. Q: We are currently underwater on our primary home mortgage. Our mortgage has been modified twice and all payments were added to the back of mortgage. Our loan was once $216,000 and the [...]
Want to know if you need to pay taxes on a loan modification? We answer a question about loan modification today. Q: I modified my home loan last year following my divorce at the end of 2011. My first new payment on the modified loan was at 3.1 percent, down from a 9 percent rate. [...]
