Here are some examples how your loan can be modified:
- Reduction in interest rate, change from a floating to a fixed rate
- Reduction in principal
- Reduction in late fees or other penalties
- Lengthening of the loan term
- Capping the monthly payment to a percentage of household income
- Skip mortgage payments
Here are some tips to consider when you have decided to have your loan modified:
• Be patient.
• Stay focused.
• Provide only relevant information.
• Expect to repay as much as you can
• Don't fudge or falsify your current income or expenses.
• Principal reduction, interest-only and cash-out refinancing.
Consult a loan modification attorney and tax adviser before you consider a
short sale. Contact us for a free consultation!
