Mortgage Rescue US

Loan Modification

E-mail Print PDF

A picture of a house is shown. When you own a home Mortgage Modification can be a great choice. Modifying your mortgage to lower your insurance rate or spread your payment out over a longer period can help alot and Mortgage Rescue can help you fix your financial problems!

A Loan Modification is a permanent change in one or more of the terms of your loan. This will give you a new start, which will result in a more affordable payment. We want to enable you to meet the terms of your new loan for the foreseeable future.

To qualify for a loan modification,

  • Property must be occupied by borrower(s)
  • Borrower(s) cannot have more than one Federal Housing Authority (FHA) insured mortgage
  • Borrower(s) is unable to use a forbearance agreement or partial claim to get the loan current
  • Borrower(s) can pay the terms of mortgage modification agreement
  • Borrower(s) has completed a Financial Package
  • Borrower(s) must meet debt to income ratio requirements
  • For Example:

    John and Mary’s monthly mortgage payment is $1,000. Since John’s unemployment, they’ve missed six payments and owe the mortgage company $6,000 plus another $1,000 in attorney fees. They need $7,000 to get out of foreclosure. John has just started a new job and has been approved for a loan modification, which will allow John and Mary to pay the back payments over the life of their loan. Their mortgage payment will increase to $1,025.

     
    You are here: Home Services Foreclosure Prevention Loan Modification