WHAT IS A LOAN MODIFIATION
What is a Loan Modification?
A loan modification is a change of one or more terms of a borrower's loan that will allow a new mortgage payment that the borrower can affford due to hardship. The changes may include any combination of the following: Extension of term, reduction of principle balance, or interest rate reduction. Some lenders are also offering forebarance and forgiveness on late fees, and payments that are a month or two behind. These modifications are often granted for an agreed term, for as short as a few months or as long as a few years.
Do I qualify for a Loan Modification?
It depends! First you will need to know if your loan is held by Fannie Mae or Freddie Mac, Second you will need to know if your lender has their own programs, and third you will need to know if you meet the financial hardship requirements. Loan Modifications are time consuming to negotiate with your lender. Equity Negotiations strives to take the work, stress and worry out of the transaction for our clients. We work to help our clients keep their home and collect the information that their lender will need to determine the best modification for their individual needs. Please fill out the information request below for your individual evaluation.