“Can I Refinance a Modified Mortgage?”

what is a modified mortgage

Joe Petrowsky Mortgage and Lending Manchester, CT 860 647-7701 x116 Contact Profile

“Can I Refinance a Modified Mortgage?”

I didn’t even know how to respond. Debbie called to find out if she did a modification 12 months ago. She now has a 2% interest rate for the next 4 years and then it would start going up over the next 9 years and end up at 4% for the remaining 20 years.

The problem is she is 4 months behind. She said she knew that her interest rate would go up, but if she could add the arrearage to the end of the loan, the rate wouldn’t matter.

I told her

there was nothing that could be done, but recommended that she figure out how to bring the loan current and then keep it current.

Unfortunately many of the modification that were done continue to have problems and many will go into foreclosure, again.

Most would kill to have a 2% interest rate on their mortgage, but some folks just shouldn’t be homeowners and they have no clue about managing their finances, let alone own a home.

image courtesy of digitalart/freedigitalphotos.net

By Joe Petrowsky Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

Posted on October 05, 2013 04:46 AM

Source: activerain.com

Category: Credit

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