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Loan Modification

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What is a Loan Modification?

Loan modification is when your lender modifies the terms of your loan to make if more affordable and therefore keeping you in the home. Typically this is done by lowering your rate, it can also be done by extending the term of the loan and even lowering the principal amount owed.

Within the past few months there have been many news reports regarding different loan modification programs. Fannie Mae and Freddie Mac have both made major announcements of there steps to help troubled homeowners through loan modification. Lenders such as Countywide Financial, Bank of America, IndyMac and others have also made major announcements that they will use loan modifications to help home owners in foreclosure to stay in their homes.

Do I Qualify for a Loan Modification?

Every lender has different requirements which they consider for a loan modification. Here are the first questions to consider to see if you may qualify for a loan modification.

Have you experienced a hardship resulting in a reduction in income that affects your ability to make your current monthly mortgage?

Do you have a source of stable monthly income?

Do you want to retain ownership of your home?

Do you currently live in the home?

How do I find out if I Qualify?

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