Did someone here do a loan modification?

kmslwsmrs

I could have sworn I saw it on here...if you could PM me or if you're comfortbale talking on here, either way, I have a question to ask you!

AmyRob04

I'm almost positive that Denise (Ladyredlight) did.

Traba

I did a rate modification on my mortgage. Feel free to ask anything.

kmslwsmrs

This is a process that probably ruins your credit and you don't pay your mortgage for x amount of months...then the bank sells your house for how much it's worth...I don't think that's what you did?  We're not doing it, but our financial person was telling us about all the different things people are doing with their mortgages these days trying to get out of a house that's underwater.

hookersbabe

i just did a loan modification, but its NOTHING like what you mentioned...my mortgage is with a small bank...when they lower their rates, i can pay $900 to get the lower rate. its very easy...

ladyredlight

We did with BofA.  It sucked and I seriously hate them with every ounce of my being. 

Ask away - just let me know if you PM me since the notifications don't work on here.

AmyRob04

kmslwsmrs:

This is a process that probably ruins your credit and you don't pay your mortgage for x amount of months...then the bank sells your house for how much it's worth...I don't think that's what you did?  We're not doing it, but our financial person was telling us about all the different things people are doing with their mortgages these days trying to get out of a house that's underwater.

that's not a loan modification - that's allowing our home to go into foreclosure. You may also be thinking of a short sale? Walking away from your loan and 'letting' the bank sell it is never a smart idea. You're talking about the roof over your family's heads here...