The following are ways to modify the terms of your mortgage loan:
1. To lower your interest rate on your home loan
2. Change an adjustable rate to a fixed rate loan
3. Reduce your principal balance
4. Extend your loan term, to lower your payments
5. Eliminate missed payments, penalties and fees
The Biggest misconception is that you have to be behind in payments to qualify. That is not always the case. However, if you are behind in payments it does create some urgency on the lenders part to work with you on a home loan mortgage modification. The key is take some action and get some professional help or try it on your own.
Here Are Reasons Why Your’ Lender Would Qualify You For A Mortgage Modification Agreement.
1. To Stop Foreclosure on your home
2. Your mortgage payment is to high
3. Your interest rate just adjusted or is about to adjust
4. You are behind in your payments
5. You have an Option-Arm loan also know as “Pick a Pay” loan
6. You are experiencing a hard ship-loss of income, job loss
7. You need temporary assistance
All the above are the most common reasons for a home loan mortgage modification on your existing loan. If you fall into any of the above categories you should take some action and get help protecting your family and your home.
If, your lender is not willing to modify a loan that is past due then you may ask your lender for a forbearance of the payments you are past due on. This will provide you with a temporary solution to your problem. then I would recommend hiring a reputable loan modification company or attorney to assist you with obtaining a loan modification on your home.