Real Estate Law > Loan Modification
What is a Loan Modification?
In response to the housing crisis, the Obama Administration has established HAMP (Home Affordable Modification Program). This program encourages lenders to provide loan modifications to homeowners like you. In short, a Loan Modification is when you negotiate different and more advantageous loan terms with your lender. Here’s what loan modification can do for you:
Who Qualifies?
You can qualify if you are in one or more of the following situations:
You can qualify for loan modification even if you’ve never been late with your payments in the past.
In most cases, people are denied a loan modification simply because they fail to submit complete information to the lender. DON’T LET THIS HAPPEN TO YOU!
- Lower your interest rate
- Remove late fees and penalties
- Extend the terms of your loans
- Reduce your principal in some cases
Who Qualifies?
You can qualify if you are in one or more of the following situations:
- You are out of work or are experiencing a decrease in income
- You are in bankruptcy or foreclosure
- You owe more on your mortgage than your home is worth
You can qualify for loan modification even if you’ve never been late with your payments in the past.
In most cases, people are denied a loan modification simply because they fail to submit complete information to the lender. DON’T LET THIS HAPPEN TO YOU!