Michael D. Stewart - What is a Mortgage Modification?
Michael D. Stewart having a rich experience in the field of Real Estate Law, Foreclosure Defense, Mortgage Loan Modification, and many more. The term "mortgage modification" refers to a procedure in which the terms of a loan are changed outside of the original contract conditions agreed upon by the lender and borrower.
Michael D. Stewart having a rich experience in the field of Real Estate Law, Foreclosure Defense, Mortgage Loan Modification, and many more. The term "mortgage modification" refers to a procedure in which the terms of a loan are changed outside of the original contract conditions agreed upon by the lender and borrower. The goal of a loan modification is to reduce your monthly payments. This process is similar to a mortgage refinance, except instead of getting a new mortgage, it changes your current mortgage to fit into your budget.
Why should you think about modifying your mortgage loan?
- Make your monthly payments smaller.
- Reduce your loan repayments.
- Your interest rate will be reduced.
- Set your variable rate.
- Re-amortize the debt to account for late payments.
- Negatively accrued interest is waived.
- Allow for payment extensions.