Need your advice on loan modification

[nch70]

Hi All
I'm new to this website and I need an advice. I'm one of those accidental rent lord because of the job relocation. I could not sell my previous home and ended up buying a second one. Both of my properties are up side down but so far I'm current with all of my payments. I've contacted a law firm to do my loan modification for both properties. Here are the conditions that they will negotiate for: principal loan reduction, interest rate reduction and change to fix rate.
Do you think these conditions are realistic or just part of their marketing campaign? They want to charge for 5K for each property. Do you think this is reasonable?. I'm afraid that it is going to be a one street.

Please help .

thanks

[HopingtoFind]

Hi nch70,

Principal reductions are rare... and most that are given are only on the 2nd loans... Interest rate reduction and change to fix rate is very much possible..
I think 5k is definitely more then average...

[nch70]

Hi HopeToFind
Thank you for your reply.