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Want to Modify your Loan?
FREE 10 Minute Fast Pre-Qual
The primary purpose of loan
modifications is to assist distressed borrowers who are unable to meet
their mortgage obligations. Therefore, a loan modification, as opposed
to a refinancing, enables a servicer to change the terms of a loan to
better enable the borrower to stay current or cure a loan without
retiring the existing loan. Loans can be modified by extending the
amortization terms, adding balloon payments, decreasing the mortgage
rates, forgiving principal or interest payments, and extending the
fixed-rate period of a hybrid ARM loan, among other things.
This means the lender will make changes to the original loan. Those can
be changes to your interest rate, payment schedule, loan balance, late
charges, length of loan, pre-payment penalties, the handling of past-due
payments, and the like. You do not have to be behind in payments to
negotiate a Loan Modification.
If we can't Modify your Loan. You don't pay a dime!
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