[catdog22]

a modification.? payment went from around 800 a month to $522.00. So glad but there is a catch, omg its for 47 years. I never heard of a loan that long. See I was behind in my payments and they agreed to modify the loan to make it affordable. My question is my house is only worth 80,000 because of the economy and homes lost value. Now I owe $105,000. I am 35 so wanting to know if its worth keeping with the loan so long? Unfortunately I cant afford to make a larger payment to pay down the principle due to job loss and new job pays less than half of what I was making.

[kateg]

Wow, big issue. No, mortgages aren't usually that long, but the bank was trying to make it more affordable and had to get a lower payment and that's what happened. but now you are screwed with the loan balance. If I were in your position, I'd take it and refinance as soon as I got reestablished. Or get a roommate or someone to share expenses until you are in a better position.