What is a Home Loan Modification?
Quite simply a home loan modification is an adjustment made by your lender to help you save your home. You are not refinancing, just modifying the terms of your current mortgage.
What about a refinance?
A refinance is a great option but unrealistic for most homeowners. Today it is incredibly difficult to qualify based on depressed home values and stringent credit requirements by 99% of lenders.
How do I qualify for a Home Loan Modification?
If you have experienced a hardship and have missed payments and can afford a modified payment you are eligible to apply and qualify for assistance. An experienced law firm can help you explore all your home loan work-out solutions.
Why would a bank help me with a Loan Modification?
A bank will only help you if it makes business sense for the bank, not because you are a nice person who deserves a break. It is imperative for you to present to the bank a total modification package that works within their requirements and guidelines. An experienced professional can assist you with that.
Loan Modification programs:
1) White House/ Treasury programs, Hamp, etc
2) Federal Housing Finance Agency Programs (FHFA)
3) Major lenders In House Programs -these are modifications offered by your mortgage company, not through the government.
