- Are you behind on your Mortgage Payments?
- In a House that's Worth Less than you Owe?
- Are you Possibly Facing Foreclosure?
Then You Must Read the Following
A loan modification is an agreement between you and your lender to change the terms of your mortgage loan. The lender agrees to restructure the loan without refinancing the property to change the terms and reduce your monthly mortgage payments. Loan modifications can also convert your adjustable rate loan or interest-only loan to a fixed rate loan. Loan Modifications are used for several purposes they can change your loan terms, reduce your current fixed interest rate, extend the term of your loan and even is some cases reduce your principal balance!
If your mortgage is owned by Fannie Mae or Freddie Mac or an FHA insured loan and you meet the loan modification criteria then the answer is YES! If your loan is one of the three loan programs mentioned according to the governments "Make Home Affordable Plan" your lender must agree to modify the terms of your loan if you meet the criteria. If your mortgage is not held or insured by one of the three in the three agencies above you still have a chance of your current lender or servicer to agree to modify loan terms to avoid a foreclosure.
You should also know that many mortgage loan files contain substantial errors. These are errors that could work in your favor and help you in the loan modification negotiations.
If you are interested to know if your mortgage loan contains errors that could help your chances to have your lender modify your mortgage then you should consider having a forensic audit performed.
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