“Dear Steve,
Me and my wife are behind on some mortgage payments and we have lost equity since we purchased our home.
I am looking to reduce my monthly payments and I am currently behind on my mortgage. I tried working with my lender PNC Bank last year on a loan Mod and it was granted but they tacked on 25K at the end. I got scammed once before by a Loan Mod Place, and I am looking for some relief from my bank. Can you recommend anyone for me?
Thanks!
Timothy”
Dear Timothy,
I would suggest that before you pay someone you should check your options for free with a HUD Housing Counselor. The counselor will be able to give you information about programs that may be available.
It’s important to realize that no bank has to modify any loan it does not want to. If they do decide to modify a loan they are entitled to tack on and ask for anything they want. An agreement can only be achieved when both parties agree.
Alternatively, you may want to evaluate the possibility of either a short sale or a strategic default, where you walk away from the home, if the bank is unwilling to come to an agreement you can meet.
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