What is a loan modification?

A Loan Modification is a permanent change to one or more of the terms of your loan. Loan Modifications may include a change in the interest rate, extension of the mortgage term and/or re-amortization of the balance due, as well as a principle reduction. Loan Modification is a process means of asking the lender to simply change the terms of the mortgage (i.e. change the interest rate, the amount of years that payments must be made, and even the actual amount that is owed to the bank a.k.a. principle reduction). Each Lender is different and has a different set of underwriting policies for approving loan modifications and these policies tend to change from time to time. Contact us for a free consultation to see if your household qualifies for a modification with your lender!

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