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.