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thargett25 · Joined: 04 Nov 2009 Posts: 1 1.26 Dollars($)

how will loan modification affect me in the long run with interest rate? i am currently locked in to my current interest rate and am afraid the modification process will change the rate in the years ahead

jameshogg · Posted: Thu Nov 05, 2009 12:17 am Post subject:

Hi thargett,

The mortgage modification may help you reduce your interest rate now so that it become affordable for you to pay off the loans. If it's mentioned in your loan modification agreement that the rates would increase after a certain period of time, then the lender would increase the rates. However, after few years, if there's equity in the property, then you can refinance the loan.

Thanks

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