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HopingtoFind · 01-14-2009, 11:10 AM

Hi aurers,

One thing to keep in mind is because your loan is currently interest only and your rate is very good, modification might not lower your payment by much if at all. And the reason for that is that most of the modifications I have seen offer fixed rate (interest + principal). Even with lower interest rate your payment might be higher because of the principal.

01-14-2009, 11:10 AM	#3 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Location: Bay Area, CA Posts: 1,270 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America Loan Modification Hi aurers, One thing to keep in mind is because your loan is currently interest only and your rate is very good, modification might not lower your payment by much if at all. And the reason for that is that most of the modifications I have seen offer fixed rate (interest + principal). Even with lower interest rate your payment might be higher because of the principal.