success while CURRENT??

[bigpoppy]

Has anyone been successful with a loan modification while being current on their mortgage?? We are current, have always been current, but I am not working, and our I/O loan is coming due in Jan/2010..and of course, the house is worth about 100K less than the loan amount...loving this economic enviroment. Should we go a couple of months without paying our note or try for a mod. while being current??

[ltravel]

Who is your servicer? In April we went for a mod with ASC/Wells while
still current but barely. When they put us on a forbearance in July we
were going 30 days late with or without it so the benefit with the mark
on our credit was a sidebar of being on a payment plan, not as bad. Our
perm mod was just approved last week from 7.75 to 5.125 without any
hassle. I wouldn't purposely miss a payment until you absolutely know
they won't work with you any other way. If you can prove hardship and
that you are close to defaulting they should accept your application for
a mod.

[bigpoppy]

Thanks for the intel..we are serviced/screwed by Provident funding in California...

[ltravel]

Ah, well good luck then, not sure how they operate, but in any case I can't see missing a few payments as being a good thing unless it's absolutely unavoidable.