FAQ about Loan Modification
A Loan Modification is a permanent change in one or more of the terms of a Borrower’s loan, allows the loan to be reinstated, and results in a payment the Borrower can afford..
Loan modification success results in your lender agreeing to make a change to your home loan payment in order to create affordable payments. This is meant to prevent foreclosure and help you stay in your home..
The loan modification process usually takes anywhere between four to six months..
While we are going through the loan modification process will we have to make payments to the lender?
While you are in foreclosure the lender will not take payments..
Yes, we can reapply for a loan modification..
New federal law (January 2014) does not allow lenders to sell your home while your file is being actively reviewed for a loan modification..
If you have suffered a severe reduction in your household income or an increase in expenses beyond your control, these hardships will be taken into consideration. Hardships include: unemployment, underemployment, death in the family, significant medical bills, divorce and severe negative equity, among others..