General Area in Lake Oswego>Question Details

Karey, Home Owner in Lake Oswego, OR

If a person got a modification a year ago to reduce their there another program out there to reduce the amount owed on a mortgage?

Asked by Karey, Lake Oswego, OR Mon May 23, 2011

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Very sorry Karey to hear you have need of a further reduction of your mortgage payment.

Do you have only one loan or a second as well?

Perhaps you may find someone to help analyze your situation and complete some due diligence . And obtain an objective opinion including of your homes value.

0 votes Thank Flag Link Fri Feb 10, 2012
I am pretty sure you cannot get your loan modified twice within a certain time period, certainly within a year or two. And no, as of right now there are no programs I know of that will reduce the principal owed. If you cannot afford to stay in the home, you may want to look at other options such as a short sale in order to preserve your credit rating as much as possible.
0 votes Thank Flag Link Tue May 24, 2011
So you got a modification already and now you want a modification of the modification with a bonus principal reduction?

I suppose one can always ask. My daughter asked for a live pony for Christmas last year... it didn't work out so well for her.
0 votes Thank Flag Link Mon May 23, 2011
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