A loan modification is a permanent change in one or more of the terms of a homeowner’s loan, which allows the loan to be reinstated and results in a payment the borrower can afford. Lenders allow you to request changes to the loan in the hope that you could start making the payments again.
how does a loan modification help you?
The loan modification helps you (the homeowner) because the lender applies one of more of the following to make your payment more affordable:
- Adjusting the term (i.e.: 30 years to 40 years).
- Adjusting the interest rate.
- Putting your missed payment amount back onto the principal.
- Deferring your missed payment amount (i.e.: They put this to the end of the loan, which becomes a balloon payment).
- Reinstating the account (i.e.: Gets you out of foreclosure).
What is the loan modification Process?
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