What is a Loan Modification?
A Loan Modification is a negotiation between a lender and a borrower where the terms of the loan are restructured with new financing set by the lender according to the current financial situation of the borrower.
Banks and lenders prefer to take less money and keep homeowners in their homes with a payment they can make, before going through the expense of foreclosure in the house, and paying an agent of property and real estate, rehabilitation of the house , and leave it empty in the market for months, only to lose thousands in the process.
Who is entitled to a mortgage modification?
Someone who can show that they are going through financial problems especially those who are at least one month behind in a mortgage payment, those with negative amortization loans, those with loans that are about to adjust, those who are retraced with their loan and those who prefer to stay at home instead of doing a short sale. The best thing about a loan modification is that there is no credit check so everyone is qualified in that aspect.
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