Loan Modification Question

[Mike]

After reading everyone's loan modification posts, I was wondering can a person who has an adjustable first and fixed second mortgage modify both mortgages into one mortgage? Or can the person modify both mortgages the first into a fixed rate and the second to a lower interest rate?

[Zino]

No, your loans are different and therefor have different agreements, pooling investors etc that would require a refinance not a modification.

What you want is a Loan Consolidation, where you can roll both in to the one debt and one repayment.

Your other option is to apply for a loan modification on your adjustable rate due to hardship, this would keep things the same but lower your repayments. Without knowing your reason for wanting to combine the two it's a bit hard to give perfect advise.

If you are having problems with repayments due to hardship, a modification of your adjustable mortgage may be the best option. If this is in fact the case, see my signature link for some sample hardship letters.

All the best.