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loan modification

Postby ritazz » Sat Jul 02, 2011 12:06 pm

In these tough economic times many people are struggling to make their mortgage payment. In fact, many people are in danger of losing their home because they are so far behind on their mortgage. Anyone who is struggling to make their mortgage payment should seriously consider a loan modification.
What is a loan modification? It is a change in one or more of the terms of a mortgage loan in order to change the amount of payment that is required. Most often loan modifications are made to help the homeowner pay the mortgage, and a loan modification also helps the bank to get their money.
loan modification
In most states a loan modification can include rolling any fees and late charges into the principal of the loan. So everything can be rolled into an affordable monthly payment and the homeowner can start back fresh with just a basic monthly payment.
The bank can request to inspect the property before they go ahead and agree to a loan modification. This happens if the bank fears that the property has been damaged in some way. If the bank finds that something is wrong with the property then they will almost always refuse to allow a loan modification.
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Re: loan modification

Postby ndrwlehman » Wed Sep 28, 2011 11:30 am

Thanks a lot for providing the such useful information i was also in this type of problem i feel relax after getting your suggestion thanks a lot again

Regards

Certified Forensic Loan Auditors
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Re: loan modification

Postby jamessmith4152 » Thu May 24, 2012 3:07 pm

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagor and mortgagee). In general, any loan can be modified.

Mortgages are modified to the benefit of the borrower in one or more of the following ways:

Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed
Reduction in principal
Reduction in late fees or other penalties
Lengthening of the loan term
Capping the monthly payment to a percentage of household income
Mortgage forbearance program



Thanks


Debt consolidation
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