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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