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Posted: Mon Oct 26, 2009 12:16 pm Post subject: Loan Modification options....

my mortgage company offered us a modification, but it isn't enough of a difference in payment to help us. They based it on gross income, not net. They said that that is all that is required by Obama. Are there other options available?

jenkin7 · Posted: Tue Oct 27, 2009 2:53 am Post subject:

Hi Guest,

A loan modification is a good option that can help you reduce your monthly mortgage payments. But in case a modification does not reduce your payments significantly, it will not be worth doing it. In that case, you may go for a refinance. The current rates are quite low and if you have been paying a high rate of interest, a refinance at current rates can help you reduce the monthly mortgage payments. However, you will have to pay closing costs to refinance the loan.

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Loan Modification options....