12-11-2009, 07:50 PM
Black wrote:
[quote=M A V I C]
[quote=ztirffritz]
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
Was it a 30yr mortgage? Have you been making extra payments? You sure refinancing will help you pay it down faster than a modification?
Modifications are available to very few individuals-- it's lucky for you that you got one but I would not present it as if it were just another viable option.
In some cases, modifications are easier to get than refinances. Many people I know who couldn't get a refinance were able to get a modification through their lender. Since it costs less than a refinance and doesn't reset amortization, it's often best to try it first. If someone can't get one, then they can always try a refinance. The reason I went with a modification was because I could't get a refinance.