|
 A loan modification is a permanent change to one or more terms or your mortgage note so that you will have a more manageable payment. To get a loan modification, you generally have to prove some sort of hardship—loss of income, health issues, etc. A number of the loans that have been modified have also involved notes with adjustable rate mortgages. The big question isn't necessarily "can you", it is often "should you". Fill out the form on the bottom of the page to get a You do not have to already be behind on your mortgage to seek loan modification assistance. Several government options, like the Home Affordable Mortgage Program (HAMP), exist as well as some modification programs offered by your mortgage servicer. A modification can result in one or more of the following: a reduced interest rate, a portion of the principal being forgiven, a longer loan term, a loan term with a balloon payment at the end. New appraisals, surveys or closings are not needed to have a loan modified. That’s good news because all of these usually involve expenses—money that you probably can’t spare at the moment if you are seeking loan modification information. What will be required is a good deal of paperwork from your mortgage servicer where you can provide details about your monthly debts, expenses and income.
|
