A loan modification is very simply a negotiation of the terms of your loan with your lender. It is not a refinance. You will not have to change lenders, and you even keep the same loan number. A loan modification is much less expensive than a refinance and there are no additional costs like prepaid interest or broker fees.
What qualifies as an unfavorable loan?
- Adjustable rate
- High interest rate
- Short term fix on the loan
- House is upside down or has no equity
- Large monthly payments
-
What qualifies as a hardship?
- Income Problems
- Change in Employment
- Unemployment
- Family Problems
- Medical Problems
- Massive Debt
Do I qualify for Loan Modification?
Generally most successful loan modifications involve two types of clients. Those with Unfavorable loans, and those with a legitimate hardship. Apply to work with a loan modification specialists that will assist you in getting the BEST POSSIBLE OFFER through your lender.
Where is the best place to apply for Loan Modification?
You will benefit most by speaking to a loan modification specialist who will know how to get you the best possible modification through your lender. You could apply directly to your bank, however most applications are either dismissed out of hand or do not receive a satisfactory offer.
A loan modification specialist will make sure that you meet the lenders guidelines for modification and assist you in making the best choice.
