A Loan Modification is a permanent change to the terms of your existing mortgage loan by direct negotiation with your current lender. A loan modification can change your current interest rate, lower your monthly payments, principle balance of the loan, delinquent fees owed, and term of loan. For some homeowners who cannot qualify for a refinance because of either their property value has dropped, their credit score is too low, loss of wages and/or behind on payments, a Loan Modification, in some cases, may be the only option for homeowners to stay in their home, before either Short Selling their home or going into Foreclosure.

In return, the lender agrees to not blemish the credit profile of the homeowner, and in addition, agrees to accept the declarations of the borrower with respect to his ability to make future mortgage payments in good faith. Homeowners who have undergone this process will do well to remember that this is a one time chance and it is crucial to remember that this may very well be the final chance to save home ownership for this consumer.

You can find answers to the most frequently asked questions. If you don't find the answer you can call us at 888-277-8258.

read more