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summerrogers14 · Joined: 13 Jul 2010 Posts: 1 1.29 Dollars($)

Hi, I have a friend whose loan was transferred from her bank to Bank of America she got a modification with the earlier service provider she cannot afford the mortgage payments can she get the loan modified again I do not know how to help her some suggested that she can try for principal reduction and 40 year term can the bank offer her that?

jameshogg · Posted: Tue Jul 13, 2010 9:45 pm Post subject:

Hi summerrogers,

As her loan has been transferred to Bank of America, I would suggest your friend to contact them and apply for a loan modification. The bank will consider her situation and let her know whether or not her requested will get accepted.

Normally, the lender reduces the interest rate which lowers the monthly payments for the borrowers and thus makes it affordable for them to pay off the loan. Principal reductions are normally not accepted by the lenders. Nevertheless, your friend should apply for it. Depending upon her financial situation, the lender may or may not accept her request.

Thanks

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