Shortcut Navigation:

Question for the Money Doctors

Question submitted on Jun 4, 2019.

Question

I had to do a loan modification on my mortgage. The term is 40 tears. How can I reduce this?

Answer

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.


For additional information visit http://www.360financialliteracy.org/

close