Loan Modification

A solution to help you keep your home.

Homeowners facing foreclosure may be able to work with their mortgage lender to get a loan modification. A loan modification is a plan where the terms of the mortgage are changed. The idea is that the homeowner will be able to afford a modified payment. 

To do this, the lender may allow the homeowner to refinance the loan, pay a lower interest rate, extend the term of the loan, or roll late payments into the total amount of the loan.

Homeowners do not need to be late on payments to qualify for a loan modification. They just need to prove that they are likely to default on payments if the lender does not 

modify the terms of the mortgage. This can be shown by providing the mortgage lender recent pay stubs, financial statements, a letter of financial hardship, etc. The required paperwork varies from lender to lender. 

Loan modifications can be difficult to obtain. And if they are approved, the loan modification may not be favorable or helpful enough for the homeowner to avoid foreclosure in the future, especially if the homeowner will be going through financial hardship. 

If you are planning on applying for a loan modification, you should give us a call to explore what other options are available to you. It’s always a great idea to have “Plan B” in the event that a loan modification is denied by your lender.

Common questions about Deed-in-Lieu of Foreclosure

How do I get a modification on my loan?

You must discuss this with your lender; it is common that they haver an application packet that they will ask you to submit for review.

Is a loan modification guaranteed?

No, a lender will make the decision to allow a modification to the loan at their own discretion.

How long does it take to get a loan modified?

On average, most lenders ask to have 90 days in order to review the loan modification request.

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