Loan Modification
I received an application for the FHA Affordable Loan Modification Program. Normally, how long does it take to get approved? I don't know much about the program, but if my loan is modified to a lower monthly payment, will that price remain the same throughout the loan? I have never been late on any payments. I am having a difficult time paying on my other bills due to my high mortgage payment. by christ73428 from Rocky Mount, North Carolina. Nov 17th 2010
Joseph Hendizadeh (josephh)
#343 ranked lender in California - 29 contributions
If you have an FHA loan you should contact a lender who will look into doing a stream line refinance in the state you live in. You should look into possibly contacting the lender who currently holds your mortgage and see if they will offer you a streamline refinance as opposed to getting a loan modification. Loan Modification will typically only have set terms for a short period of time. Depending on lender different loan modification programs may be available, however it may also be required for you to miss payments before they allow a modification. These are some concerns to look into.
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