Mortgage loan modification?
tennisxx asked:
Do you think a mortgage co. is likely to do a loan modification on a commercial property to avoid foreclosure?
Loan Modification Help
Do you think a mortgage co. is likely to do a loan modification on a commercial property to avoid foreclosure?
Loan Modification Help
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Comments
They can be beneficial if you are dealing directly with the institution that is servicing the loan. The 3rd parties are just scheming of what you can do for yourself. I have been a direct GNMA lender/servicer for 17 years. I have seen more modifications ( legit ) in the last year then in all the last 17.
We do not want to foreclose. No matter the MI (mortgage Insurance) we will still lose 12-25% depending on the type of loan market area esc.
Contact your lender directly.
Probably. The usual offer would be for you to make no payments for 6 months. That amount would be added to the loan balance.
The main complaint is that this is not much of a “modification”. Nothing is being forgiven..