Loan modification is the permanent restructuring of your mortgage loan. Unlike a refinance, which replaces your existing loan with a new loan bearing different terms, loan modifications alter your mortgage guidelines without the appraisal or credit check that is generally required to obtain a new loan. Modification can work by extending the life of your mortgage loan to reduce your payments, or by adding the amount of your past due balance onto your principal so that your mortgage loan becomes current. Late fees are generally waived once your modification is processed.
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To qualify for a bank loan modification, you must have demonstrated financial hardship. Lenders require documentation of financial need in the form of a hardship letter. Mortgage hardship letters detail the events that led to your mortgage loan falling behind. A good hardship letter should be descriptive but brief. Include copies of your household bills and income statements with your letter. Banks are more likely to grant a loan modification to a homeowner with little negative equity that can easily be resolved through a lowered monthly payment. Homeowners without a steady source of income to support a lowered payment do not qualify for loan modification.
The Obama Loan Modification Program for Making Home Affordable:
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