I am doing a loan modification. If the bank lowers my principal loan what will happen in the future if i want to sell my house?
It has no bearing on the future value of the house. The new principal is what you would owe to the bank, and the value of the home would be whatever the market is willing to pay for it at the time of sale.As for the profit, You would have to see if that issue gets addressed in your new mortgage contract. I...

I was told not to make the mortgage payment to save it and to hold it not to spend it and use it as a good faith hold.
It's NOT good advice. This is why. The new "Obama Plan" also helps people who are at "risk of imminent default." It means you don't have to be behind to get a modification. Once you stop making payments, your credit score is going to take a hit which is going to make future...

my landlord has a home property he lives in and approximately 11 additional rental properties.
Are you renting from a landlord who is in foreclosure on his properties? If so, you should worry. There is no straight answer for his scenario, it really depends on if the banks see the light at the end of the tunnel for him. Chances are, he will probably foreclose on a few of his properties. If you are...

Got an NOD while in negotiation for a loan modification
It seems as if the letter you have received is from a department in your lender organization which is not aware of the loan modification you have in process with the loss mitigation department. If there is a phone number on the NOD, I would call it right away and inform them about the loanmod you have in...

Anyone knows about ways of loan modification?
I am not sure what you are asking here, but with loan modification as the phrase implies, you are modifying your existing loan (which you probably cannot afford anymore) to one which has more favorable and affordable terms. You can either do it yourself, or hire professional companies to call your...

i was told not to make the mortgage payment to save it and to hold it not to spend it and use it as a good faith hold.
It's NOT good advice. This is why. The new "Obama Plan" also helps people who are at "risk of imminent default." It means you don't have to be behind to get a modification. Once you stop making payments, your credit score is going to take a hit which is going to make future...

Short Sale vs Forclosure?
Short sale might actually be a good option for you which will prevent you from having a foreclosure on your credit which takes longer to go away than a ding in your credit. GOod luck.

I am currently at the tail end of my divorce. I was under the impression that I would only pay out 150,000 to my ex...now this loan mod
A divorce is certainly a hardship and the fact that you cannot afford the payment makes you a great candidate. Have you attempted to contact you lender directly yet?

Do you have to get an appraisal to get a loan modification?
No an appraisal is not necessary. A loan modification is not about the value of your home. Instead, it is about "affordability" of your mortgage payment. So youy only really need to prove that you can no longer afford your current mortgage payments and that your house is in danger of...

Should we continue making mortgage payments even though loan mod pending?
Sure, it is always the best practice to continue making the payments that you have been making. When the loan modification kicks in and the new amount is due on the statement, you can always contact your mortgage company and ask for refund on the overage that you might have paid.