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Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure.
USDA loan modification: With a USDA loan, you can modify your mortgage with an extended term of up to 40 years, reduce the interest rate and receive a “mortgage recovery advance,” a one-time ...
A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could help you salvage ...
The Flex Modification program is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. Using this program can help ...
The emergency loan-modification options give homeowners the potential to extend amortization periods on their homes if experiencing significant financial hardship or foreclosure. These options can offer extensions up to a 40-year amortization, if a 15-year extension is granted on a previous 25-year amortization mortgage. [1]
For example, a loan modification may change the repayment term, ... In terms of what constitutes a financial hardship for a mortgage modification, it can include any of the following scenarios:
The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. [1]
In the same vein, the spate of loan modification scammers who have taken thousands from already struggling homeowners in return for false promises to fix their broken adjustable rate mortgages ...