Question for the Money Doctors
Question submitted on Jun 4, 2019.
QuestionI had to do a loan modification on my mortgage. The term is 40 tears. How can I reduce this?
If the reason for the modification was due to a financial hardship, then unfortunately there may not be a quick solution. Instead, you may have to work on upgrading your financial position whether that's through increased income, debt reduction or a combination of the two. Once you are on better financial footing, you may be able to refinance the mortgage into a more favorable interest rate and shorter term. I would suggest contacting a CPA/PFS planner in your area who could help you come up with a plan to achieve your goal. visit www.findacpapfs.org to find a specialist in your area.
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