Loan modification rates
Loan modification rates are not cheap, but they are worth it in the end.
The rates usually go at around 1-2% of the total mortgage. That ends up being a couple thousand dollars for a normal mortgage.
When money is tight, a few thousand dollars certainly seems like a lot, but in the grand scheme of things it is not.
Let me explain: 2,000 dollars is only going to be 1 or 2 mortgage payments, right? And once you get a successful loan modification, your mortgage payments will be significantly reduced for a while, at least until you are able to make normal payments again.
The verdict: It is not cheap, but it is certainly worth it. Having a trustworthy, qualified loan modification officer to be “on your side” will help you out tremindously.
Categories: Basic loan modification info