Loan mods are adjusting what does that mean for you?
Since the economy is recovering especially in the housing sector, we have a new thing coming around. Remember all those successful loan modifications? Well all of the them (well almost all of them) are adjustable loans. It is time for them to adjust upward. We are also facing situations were 2nd mortgages, balloon payments are also coming due. Are you prepared? One thing for sure is this, it is going to be more difficult to get ANOTHER loan modification especially if the property value has improved to the point were there is EQUITY in the home. Get prepared. Take a listen.