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,
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.