I am on hampster wheel at the moment with Wells. Wife is thinking if Wells actually gives us a mod, should we consider keeping the house? I am not able to figure out answer to that until I know how mods are calculated?
Home value: 480k
Prin. Bal on 1st: 560K
Arrears so far: 40k
So, if WF were to offer us mod today, will they base it on 560k or 600k? We are in year 7 since the origination of loan. If they give us mod, will it be for 23/33 years from now? or 30/40 years from now?