Loan Modification

A Loan Modification is one way for a home owner to stop foreclosure.

By definition, a Loan Modification is where your Lender agrees to a permanent change in one or more of the terms of your loan, allows your loan to be reinstated and results in lower payments which you can afford.

There are many faces of modifications and many companies out there taking money from people-up front, with the promise to drastically reduce their mortgage payment. You do not have to pay someone to work with your Lender when this can easily be done yourself.

Under the recently announced foreclosure relief plan, the Government has included provisions for Lenders to modify loans on a temporary basis (for up to 5 years). There are specific qualifications but even if you don’t think you qualify under this program, you may still be able to work out a solution with your lender. We have a host of information available for you and will gladly help point you in the right direction.