A Loan Modification is a process whereby your loan balance or your mortgage interest rate or both are reduced. Loan modification programs are very popular in today's economy.
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Loan Modifications can eliminate late fees, reduce your mortgage payment and put you back on a path to stress free home ownership.
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Our consultation is FREE there is no obligation to hear how you can save your home and mortgage with out refinancing and without losing your home. Don't be the next victim at least hear what you can do to help yourself.
A Loan Modification is the act of making favorable changes to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three.
Lenders do not want your home or the hassles and costs associated with foreclosure.
A lender may be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure. Remember, they are in the business of lending money, not owning real estate.
A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.
Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why retaining the services of an experienced Loan Modification Firm is of extreme importance.
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