Can you modify your mortgage loan to reduce your principal balance? your interest rate? other terms of your mortgage? Over the past few months, I have heard a lot about mortgage modifications but very few details have emerged and I know of no one who has actually and successfully modified his mortgage.
I may be on the right track in obtaining more information. One of my new colleagues at Solo Practice University (where I teach a class about creating a Social Security disability practice) is an attorney in New York who has actually represented clients and has obtained mortgage modifications. She will be teaching a class about real estate law at SPU and I hope to be able to pick her brain about mortgage modifications.
In the meantime, here is a link to a recent blog post that Stefanie wrote entitled The Top 5 Loan Modification Myths. I hope that more solid information from legitimate professionals who understand mortgage modification becomes available so I can bring it to you in the pages of this bankruptcy blog.