Loan Modification AFTER Forbearance

[Shawn M.]

Has anyone done this? what is the process and was it worth it? does your credit take a big hit? What other pitfalls would I need to be aware of?  I know with regular Forbearance you can't apply for a new loan for 3 or 6 months. Any guidance on whether this is a good route to lower your rate is appreciated. 
 

[Account Closed]

Originally posted by @Shawn M.:

@Account Closed

This is not very informative advice. Whats a big hit mean? like having a bankruptcy?

I asnwered the question you asked. Your comment: "does your credit take a big hit?"

Yes, it's like a foreclosure or a bankruptcy. It shows you don't have control of your finances and that it would be a big mistake to lend money to you. Is that clear enough? Just curious since you made a big deal out of a word you failed to define. But, yes, you are in the stinky poo when you do one of those. Life moves on though.