Our Loan Modification Services
- A Home Loan Or Mortgage Modification Is A Relief Plan For Homeowners Who Are Having Difficulty Affording Their Mortgage Payments. Borrowers Who Qualify For Loan Modifications Often Have Missed Monthly Mortgage Payments Or Are At Risk Of Missing A Payment.
- Loan Modifications Are A Long-Term Mortgage Relief Option For Borrowers Experiencing Financial Hardship, Such As Loss Of Income Due To Illness. We Will Negotiate The Best Payment Schedule And Financial Terms With Your Lender.
- We Have The Expertise To Get Your Loan Modification Request As Quickly As Possible.
- Our Team Will Manage All Paperwork And Facilitate The Process With Your Lender..
What is Loan Modification?Here
A loan modification is a change to the principal amount, interest rate, and/or maturity date of your mortgage, with the goal of preventing non-payment that could lead to foreclosure. It is often in the lender’s interest as well because foreclosures are often costly and time-consuming and result in economic loss to the lender.
For example, under the terms of a modification a lender may agree to lower your interest rate, extend the length of time you have to pay off the loan, or even reduce your principal amount in order to lower your monthly payments.
In practical terms, a it is a potential solution for homeowners facing financial hardship to achieve more affordable payments through a restructuring of existing loan terms. Refinancing a mortgage, on the other hand, is a way for homeowners that are regularly making their mortgage payments to get more favorable loan terms through a completely new loan. There are important differences between loan modifications and refinancing that homeowners should consider before pursuing one or the other.
If you can show a hardship and that you have sufficient income to make reasonable payments, you can apply for a loan modification with your lender or servicer. The main steps of the application process for a loan modification are:
- Gather your financial information: You will need to document your income and expenses, as well as any recent changes that have led to financial hardship. You will also need a copy of your current mortgage statement for reference.
- Contact your lender: You should call your lender or servicer and request to speak with someone about a loan modification. You will typically be assigned a representative or team that will work with you throughout the loan modification process.
- Complete an application: In order to get the formal modification process started, you will need to complete an application. The application will request relevant financial information such as your income and expenses, and the details of your hardship that have left you unable to afford your current mortgage payment.
Your lender will review all of this paperwork, along with additional info such as your credit report, to determine if you are eligible for a modification.
Contact us now for a free consultation.
