Does a loan modification hurt my credit?  
No it does not. The new payment will be reflected on your credit as a, normal mortgage. It does not show as a derogatory. However it is the lenders ultimate decision but typically it is not derogatory.

If my credit is really bad does it affect the loan modification? 
 No, your credit is not an issue.

Will my loan be interest only or principle and interest?
Each bank is different and it is ultimately up to them.

Can a loan modification be done with a investment property?
Yes, it can.

If my home is for sale now and is valued less than my mortgage (a short sale) what can I do since it is listed with a Realtor®? 
You can decide to try the modification to save your home. Keep in mind once completed you must have the means to pay that new mortgage amount. You should contact your realtor and let them know you want to try and save your home. Most real estate listings can be canceled.

Can I refinance my home instead? 
If you are behind in payments and do not have at least 20% equity with reserves in the bank, you'll find that it is very hard to refinance.  Remember that once you are late on your payment it hurts your credit. Without good credit it is very hard to refinance. You can typically get your loan modified even if your debt is high and credit is poor.

Does the bank re-amortize the loan to 30-or 40 years?  
This is a  bank decision. The main concern is to lower your payments.

If I am a convicted felon will that hurt my loan modification? 
No

If I have a second mortgage or a equity line of credit can I still do a modification? 
Yes, we can but it will take a little more time. The first mortgage will be modified first and then work on the second loan.

Can I sell my home after the loan modification? 
Yes, you can.

How long is the process? 
Any where from 90-to 120 days. Each bank has a backlog of various lengths.