Loan modification involves modifying the terms of the loan to reduce the payment, with the objective of providing relief to the debtor.
A loan modification is not for someone who simply wants a better interest rate. In that case, a refinance is a better option.
Loan modification can change one or more of the terms of your loan to provide relief if you are financially stressed. There are several advantages to modifying an existing loan, including the following:
Reducing your interest rate
Changing a variable interest rate to a fixed one
Extending the term length
Mortgage loan modification implies modifying the terms of the loan to reduce the payment so the customer can afford the home and stay in the home.
A borrower who is going through a temporary or sudden setback can request mortgage assistance. In some cases, a lower payment could help you get through a rough patch and avoid foreclosure.
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