We aren't late on our payments, and we can afford to pay the high mortgage for now. But I'm wondering, can I modify my loan and reduce my principle if we owe almost double what it's worth? We bought for 395K and two other homes on our street-same model- went for 250K or less. We owe about 295K on it.
The new modification program is not so much about what your house is worth. It is designed for people who are spending more than 31% of their monthly income on their mortgage, so if this is you then absolutely call your mortgage company and find out what they can do for you. But you definitely have a long battle on your hands.
One more thing I'd like to mention is, do NOT pay anyone to help you modify your loan. There is no need, you can call the bank yourself and work things out for free. Anyone claiming differently is trying to scam you.
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