loan modification question

That's entirely up to the loan modification agreement.. Since no two are alike, you need to read every page and see for yourself.. We have seen modifications where they lower the loan amount to which your payments are calculated, however the reduction does not go away.. It's hanging there at the end.. If you come into a windfall and wish to pay off your mortgage, they add the reductions back in.. And yet we have seen others where it's a true principal reduction and not subject to payback.. You really need to ask questions and read everything.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No, you should not have any problems selling your home in the future, but as William said, you need to read and understand every page of the modification agreement. They are all different. If your lender reduces the principal, they may be waiving it, converting it to a non-interest bearing position, or something entirely different, like waiving it with a provision that if you sell you must pay them some or all of it back. You need to know exactly what they are doing BEFORE you agree to it. If you don't understand exactly what the agreement says, this would be a good time to have an attorney look it over for you and give you good advice. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950