I am barely able to pay the minimum payment( I have
a negative amortization loan) My credit is bad. Is it
better to try to get a modification when we start earning more money? My property is worth less than what I owe.
What is the best way to get a mortgage loan modified?
Talk to your lender. With all of the mortgage problems in the nation, lenders are under pressure to fend off defaults. They may be willing to amend your mortgage rather than suffer another default.
Reply:Go through a local mortgage broker and see if they can qualify you for a FHA Secure loan.
I think the only qualifying credit used in the approval decision is your mortgage history. And from what I heard they are allowing some recent late history.
Best of luck
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