0
A loan modification is an adjustment to the original terms agreed upon by the borrower and the lender.
The objective of a mortgage loan modification is to ensure that the Borrower ends up with an affordable monthly mortgage payment.
Loan modification is the process where a bank may modify the terms of your mortgage in order to help you stay in the home. If you are experiencing a financial hardship ( or other hardship ) contact your mortgage company and ask to speak to their loss mitigation department. Tell them you would like to receive a hardship package. You can also get free help with this from HUD approved agencies across the country. Search for HUD housing counselors to find someone in your state. These Counselors do not charge for their services.
Beware of companies charging for loan modifications. While some are good, many are scams.
There is a Making Home Affordable (MHA) program that exists for homeowners who are experiencing a financial hardship from curtailment of income to unemployment. For more information and to see if you meet the eligibility requirements please visit www.makinghomeaffordable.gov.
Wiki User
∙ 12y ago
Wiki User
∙ 9y agoTo be eligible for a loan modification, borrowers must:
Be delinquent for 60 days or more, or, if less than 60 days delinquent or current, determined to be at risk of imminent default.
Be able to provide evidence of financial hardship.
Be able to provide documentation of income to verify that modified mortgage payments can be made (unemployment benefits are not eligible).
Add your answer:
Earn +20 pts
Can I qualify for a loan modification regardless of my Loan Type ?
A loan modification is up to the discretion of the lender. The type of loan doesn't really matter as much as the willingness of the lender to work with you.
Which companies offer mortgage loan modification?
"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."
Where can I find loan modification leads?
The best way to see about a home loan modification plan is to talk to your mortgage broker. In these times, most mortgage companies are willing to work with their customers to arrange a loan that works better for them.
If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
Is a closing agent required for a loan modification in New York?
The answer is no. I am a Certified Signing Agent and I am also a Loan Modification Consultant, but that does not mean that I need to be one in order to become a loan modification consultant. Glena
Can a mortgagee include late charges on loan modification?
No because a loan modification is set in place to give the client a fresh start. The client should waive all the late fees that he/she had before the loan modification.
How do you get loan modification?
You have to apply to your lender for a loan modification. Some people use attorneys to make application on their behalf, and others choose to go the "do it yourself mortgage modification" route. If you decide to do your own home loan modification, make sure you get your paperwork correct. You need to know precisely what your lender requires, otherwise your application will be rejected. It may be a good idea to buy a loan modification system that can show you, step by step, how to go about the loan modification application.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
Who can provide Loan Modification Success?
No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.
How do you do a loan modification to your loan?
When facing a foreclosure or something of that nature, you have to make a loan modification so that it doesn't affect any other financial firms or accounts you have. So you will have to visit www.modificationhelpnetwork.com
How can you fill an application on line for a loan modification for Bank of America?
Hello, I want to fill a loan modification application online for bank of America asap.
What is a mod loan?
A Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the Borrower can afford. A "REST Report" shows proof to the lender or servicers that a home owner is eligible for a loan modification or not.
