What Is a Loan Modification? Can It Help Homeowners in Trouble?

What is a Loan Modification?

A loan modification is a financial procedure in which the loan’s terms are altered, by lowering the interest rate and lengthening the term of the loan, to allow the homeowner to avoid foreclosure.

The lender has to agree with these terms however, and our specialists are dedicated to working directly with your lender to acquire not only lower monthly payments for you, but allow you to keep your home, and save your credit.

Is Loan Modification right for me?

Yes, if you are one of the countless Americans struggling in today’s financial market with an adjustable rate mortgage and not enough equity in your home to refinance.

A Loan Modification is ideal in this situation, because unlike short-sales or forbearances, loan modifications allow you to both keep your home and quickly begin to make lower monthly payments. Additional, through the loan modification process there are no negative credit or tax consequences, unlike both short-sales and forbearances.

What happens in a Loan Modification Procedure?

We will renegotiate with your lender to come up with new terms for your loan, along with a monthly payment amount which you can actually afford!

What do you need from me to start my loan modification?

To get started on your loan modification our specialists will need just some basic financial data, such as your income, home much you owe on how many properties, and how much you can afford to pay per month. We will then contact your lender and demonstrate that you are unable to afford anything higher than this without risking foreclosure, thus allowing us to renegotiate the terms of you loan to get you a new affordable monthly payment amount.

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