We help our clients pursue loan modifications.
A loan modification is when your mortgage servicer agrees to adjust your mortgage payment to better fit your income & expenses. Typically, someone who obtains a loan modification is able to get a lower interest rate & a longer repayment period – resulting in a lower monthly payment.
For example, let’s say you have about $250,000 left on your mortgage and 25 years left to go. Your current monthly payment might look like the example on the left. Now, if you were to qualify for a loan modification, your payment may become lower and more affordable than what you currently pay, as seen on the right.