Is there a catch to getting a home loan modification?

Question by The Spammers: Is there a catch to getting a home loan modification?
Everyone is telling me that I’m paying too much on my home mortgage and that I should call the bank and request a home loan modification. Is there a catch to this? Money upfront on my part? Anything else I should know?

Best answer:

Answer by Spock (rhp)
sure there is –

1. if you can afford to make your payments, you don’t get a modification.

2. if you’re unemployed, you get foreclosed instead.

3. modifications are only for the unlucky few — took a big cut in income but are now [perhaps again] employed full time. And the upper middle class need not apply.

Know better? Leave your own answer in the comments!

Tags: Home Loan Modification, home mortgage, loan modification