We currently have 2 mortgages which we are having trouble paying. Our lender has suggested we modify the loan because we are in a high interest only mortgage. Are there risks we should look for? Should we seek counsel? Our original loan officer lied on our financial paperwork and we should have never been qualified for this type of loan. We only purchased with an interest only loan to give us time to sell the house we were living in prior to purchasing this home. That house is still on the market and doesn't look like it will sell anytime soon. Any advise will be helpful.