Loan modification is a leading solution for homeowners who wish to keep their property.
For qualified homeowners, the lender modifies the mortgage payment into a more financially manageable sum by restructuring the terms of the loan.
This is accomplished without actually refinancing the loan, which is good news because financially distressed homeowners often have credit issues and negative equity that would disqualify them for refinancing.
Loan modifications can involve a reduction in the principal balance, or interest rate, extension in the loan term length, or any combination. Homeowners with financial hardship are more likely to be approved by the lender.
The first step is to determine if you qualify for a loan modification. During our free consultation, we will help you determine your qualification. From there, the loan modification process is relatively simple and can be managed on your own. Or, if you need assistance, we can refer you to a helpful expert.
Questions We'll Ask During the Consultation
- Are you able to make your mortgage payments now?
- Are you regularly making your mortgage payments?
- Have you recovered from financial hardship?
- Are you employed?
- What is your household income?
- Are your expenses exceeding your income?
Your answers will help us determine your qualifications.
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