Loan Modification

Loan Modification is a change made to the terms of an existing loan by a lender. This is a process where the terms are modified outside the original terms of the contract agreed to and by the lender and borrower.

In order to qualify for a loan modification, you have to be suffering from a financial hardship, show you cannot afford your current mortgage payments, and show that you can stay current on a modified payment schedule.

If you cannot qualify for a loan modification, there are alternatives to a loan modification:
  • Rate & Term Refinance to lower payment and interst rate
  • Family Transfer
  • Regular Sale or Short Sale
  • Sell Property
  • Foreclosure postpone service