Loan Modification

A loan modification is a process where the original terms of a mortgage are modified, giving the homeowner new payment terms that they can handle. It will usually involve:

• a lower interest rate
• extension of the term
• adding missed payments to the end of the loan
• reduction in principle
• or a combination of these.

In the current credit environment refinancing is extremely difficult and time-consuming. Typically homeowner must prove that they have:

• excellent credit
• job security
• disposable income after the bills are paid
• and capable of paying a large mortgage.

Wall Street is no longer purchasing loans from banks; therefore lenders have to cut programs for less qualified borrowers. Homeowners that have fallen behind on their mortgage, or who owe more than their house is worth face an even more difficult time trying to refinance. Quite simply, a loan modification may be the only option for a great number of homeowners, particularly in this type of credit market.

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