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reafirmation aof 2nd motgage

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lana_just_lit Joined: 07 Nov 2009 Posts: 1 1.29 Dollars($)	Posted: Sat Nov 07, 2009 5:15 pm    Post subject: reafirmation aof 2nd motgage My situation is identical to PattyBabe, however I was able to remodify my 1st on the Obama plan. So now I wonder if getting my 2nd (which Im not currently paying) reaffirmed, would alleviate the lein on my house? My 1st loan payment went down but the principal went up. Wondering if I will ever have any equity in this house.
savior70 Joined: 25 Mar 2009 Posts: 1422 Location: Florida 168.75 Dollars($)	Posted: Mon Nov 09, 2009 4:53 am    Post subject: Hi, Reaffirming your loan will not remove the lien from your property. Through reaffirmation, you will simply assure your lender that you will keep paying the mortgage. In case you do not make payments, the lender will have the right to foreclose on the property. If your lender modifies your loan, your principal can go up due to adjustments to lower your monthly payments. In that case, the amount of equity in your house can decrease.

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