What is a Loan Modification?

According to the U.S. Department of Housing and Urban Development a loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, which allows a loan to be reinstated and results in a payment the mortgagor can afford. Because a loan modification is designed to help struggling homeowners keep their homes certain requirements are mandated. A loan modification: must result in a fixed rate loan must fully reinstate the loan must include all unpaid past due payments must waive any unpaid late fees may result in a permanent change of interest rate may extend the loan term     This program has largely under-achieved and can place the borrower at a worse financial position than was the case prior to the modification.   Please feel free to contact one of our representatives for a free consultation in regards to the process to find out if there is a better way to achieve your goals. We are not presently accepting loan modification applications but suggest contacting your present lender for information regarding the modification or adjustment of your present loan.  We strongly suggest contacting one of our representatives prior to engaging your current lender.

Sunday, September 05, 2010 Additional Loan Modification Resources Apply for a Loan Modification Required Loan Modification Documents Common Loan Modification Questions Qualifications for a Loan Modification What is a Loan Modification? Application Options We offer a variety of loan application options, including a Quick Application, a Standard Application, and a 5 Step Application. Click here to get started!