How to keep your loan modification from coming back to haunt you.
Loan modifications may seem great in the moment, but did you know they can come back to bite you in the long run? I haven’t thought too much about this subject in the past, but since I’ve come across it twice in the last month, I want to share this information with you so you can make an informed decision with your buying choices.
I had clients who were selling their houses and knew approximately what they owed on their mortgages. However, once we made it to the transaction, one of my clients found out that she owed $19,000 because of a loan modification she got 11 years ago. She had forgotten about it and thought it was going to be forgiven. If you take on a loan modification, you need to know if it is going to be forgiven or not, so have your lenders be very clear with you.
It is not a great thing to realize years later that you owe thousands of dollars, so be informed beforehand. If you have any questions, please let me know! You can call (919) 675-9967, and I look forward to hearing from you.
