To be completely honest, modifying any loan, especially your mortgage loan is something that can be extremely scary. I think that switching up what you signed onto is something that needs a lot of research and something that you really, really need to consider, especially if you have a second mortgage! One of the first things that you need to consider is a short sale. This means that if you are trying to sell your home … you could sell it for less than it is actually worth, however that is something that the mortgage lenders will have to approve.
However, if you are not selling your home, how can you modify your mortgage and why would you want to? Well, modifying your mortgage and refinancing even can honestly get you a lower mortgage rate each month, which is what every single person in the world is after.
You do however, want to make sure that you do your research – modifying anything is different and scary and it should be something that you really take under a lot of consideration!