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A mortgage loan modification is when a homeowner asks their mortgage lender to change the terms of their current mortgage loan. This change reduces their monthly mortgage payments because they can no longer afford the mortgage payments they currently have.
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A loan modification is a change to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment and this can be achieved in a variety of ways. Your lender will calculate a new monthly payment based on amendments made to your initial mortgage contract.
Tips for getting a mortgage loan modification. marcie Geffner. May 19, 2010 in Mortgages. Getting a mortgage loan modification might seem like a quest only a mythic hero could achieve. After all.
. other Loan Documents entered into on the date of the Loan Agreement. 3. DESCRIPTION OF CHANGES IN TERMS. Effective as of the Modification Effective.
A modification changes the terms of the current loan. It does not require the same level of creditworthiness that a refinance does, although the borrower does have to show that she will have enough income to make the payments. In fact, the loan modification program is designed to help homeowners who have suffered some kind of financial reversal.
Depending on the type of loan you have, it might be easier to qualify for a loan modification. government programs like FHA loans, VA loans, and USDA loans offer relief, and some federal and state agencies can also help. Speak with your loan servicer or a HUD-approved counselor for details. For other loans, try the Fannie Mae Mortgage Help Network.
Put another way, if you had a loan modification on a house 12 months ago, but are looking to finance another property, you should be in the clear. If you had a principal balance forgiveness, also.
Yes, it is possible to get a second loan modification though statistically it’s obvious that you are less likely to get a second modification if you’ve had a first, and a third if you were lucky enough to get a second. It is possible though.