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Loan modification, can 2nd mortgage be eliminated, or balance reduced?

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mtuckf Joined: 08 Oct 2009 Posts: 1 1.26 Dollars($)	Posted: Thu Oct 08, 2009 3:06 pm    Post subject: Loan modification, can 2nd mortgage be eliminated, or balanc Can a loan modification sometimes include the reduction of a 2nd mortgage balance? We've had a drop in our income, we can make the 1st mortgage payment, however the home equity monthly payment is now 3 months late
sunnyca2009 Joined: 04 Aug 2009 Posts: 1735 35.94 Dollars($)	Posted: Thu Oct 08, 2009 4:45 pm    Post subject: Normally loan modficiation will nto eliminate the princiapla. Most of the lenders are lowering the interest rate and extendign teh loan period, so you can keep making payment at this time So to answer your questions "if the modification will help to eliminate equity loan" is no

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