Loan Modification

A loan modification is a process that can potentially adjust the terms of your existing mortgage settlement to make it more manageable.

This can include lowering your interest rate, extending the loan term, or even reducing the principal balance.

It's designed to create a more affordable monthly payment that aligns with your current financial situation.

Loan modification can be a helpful option for homeowners who are struggling to make their mortgage payments and are at risk of foreclosure.

Here are some ways in which loan modification could help you keep your home:

  • Lowering Interest Rates: One common modification is to lower the interest rate on your mortgage. This can result in lower monthly payments, making it more manageable for you to afford.

  • Extending the Loan Term: Another option is to extend the length of your loan. By spreading the remaining balance over a longer period, your monthly payments can be reduced.

  • Principal Forbearance: In some cases, lenders may temporarily reduce or suspend the amount of principal you have to pay. This can be particularly helpful if you're experiencing a short-term financial hardship.

  • Capitalization of Arrears: If you've fallen behind on payments, the past due amount might be added to the outstanding loan balance, and then the new total is spread out over the remaining loan term.


  • Conversion to a Fixed Rate: If you have an adjustable-rate mortgage (ARM), modifying it to a fixed-rate mortgage can provide stability, preventing future interest rate increases.

  • Partial Claim: Some government loan modification programs allow eligible borrowers to receive a one-time payment from a separate FHA insurance fund to bring their mortgage current.

  • Temporary Forbearance: In cases of temporary financial hardship, your lender might agree to a temporary forbearance, allowing you to pause or reduce your mortgage payments for a specific period.

Contact us for a free consultation , we will explain the process in details,

once you decide to apply for loan modification you can use our services or do it yourself.

WE ARE HERE TO HELP, CLICK HERE TO CONTACT US FOR A FREE CONSULTATION TODAY!

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Contacts

LoanModNYC@gmail.com

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