With the increase of distressed mortgage loans
around the country, most banks are now offering a variety of loan modification
options. A loan modification is when the bank agrees to modify any of the terms
of the original note, which may include reducing the interest rate,
extending the term of the loan and reducing the monthly payment. The banks will
do this as an alternative to the expensive foreclosure process if you qualify.
Often the delinquent payments can be reduced, forgiven or added as a balloon to
the end of your loan. In addition, many banks are even allowing for applications
of “Short Refinances” or “Short Pay Offs” which will allow you to get a new loan
for less than what you may owe and the bank can forgive the difference.
This process can be daunting due to the plethora of questions and documents that
the bank will usually require and with most banks, may only be done once in the
life time of your loan. We have helped hundreds of families keep their home and
have an affordable payment to insure their future success. Call us now for a
free consultation to get you started on a fresh start with your finances.
