Loan Modification

What is a mortgage modification?

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments More…

Terms of a Loan Modification

The goal of a loan modification is to reduce a homeowner’s mortgage payment and make that payment affordable. This is accomplished by implementing one or more of the following More…

Loan Modifications May Result in an Increased Payment

This may sound bizarre to you and contrary to how a loan modification is supposed to work, but not every bank will offer a loan modification that lowers a homeowner’s mortgage payment More…

Temporary Loan Modifications

Be aware that some banks are offering a temporary loan modification. This means a bank will not agree to make a permanent loan modification but may instead offer the following conditions More…

Why Might a Short Sale Be Preferred Over a Loan Modification?

Homeowners who would prefer to get out from underwater may prefer to do a short sale in-lieu-of a loan modification. A short sale means the bank will accept a reduced payoff and release the loan More…