Question about re-amortizing my loan

Amortizing is a fancy word for how many months / years it takes to pay down your mortgage to zero. If your going through a loan modification (WARNING, CAUTION, BEWARE), one of the first things they do is re amortize your mortgage to 30 to 40 years... they take what you owe, and recalculate your payment for a longer term, in turn, lowering your payment... Most loan mod's are scams in my opinion... even if your going back to your original lender, they too can scam you... they will tell you you need to pay this higher payment for 3 to 6 months, before they would consider lowering your payment... how much sense does this make.. you cant pay your payment now, and they want to raise it to see if your serious... in actuality, they are stringing you along, getting the most money they can from you before they foreclose... Most people in your position who cannot afford their mortgage give up their home and find a rental for much cheaper... the credit implications can self correct in 3 years, so after that they can go purchase a home within their means... WilliamAcres.com

Re-amortizing is simply adjusting your payment to a new number of years in which you want your mortgage paid off. This is based on the amount of mortgage, the interest rate, and the desired length of time in which you wish to have it paid off.

This could be a great opportunity, HOWEVER, you did not give enough information about your situation to be able to advise you properly. I have counseled several clients through similar situations, and would be willing to discuss this further with you to help you get a better handle on what they are offering and the things you should look out for. Give me a call at 888-889-9950. I am located in Arizona.