Loan Modification

Loan Modification:

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. There typically result in a lower payment to the homeowner and a more affordable mortgage.

  • Benefit: Reduces the payment a homeowner is required to make on a monthly basis and may reduce the principal balance of the loan.
  • Drawback: Requires that a homeowner 'qualify' for the new payment and will often require full documentation. Lender has to be actively pursuing modifications.

This represents only a summary of one of the solutions available to homeowners facing forclosure. Please call me today for a FREEconfidential evaluation of your individual situation, property value, and other possible solutions.