Loan modifications are a long-term mortgage relief option for borrowers experiencing financial hardship, such as loss of income due to illness. A modification typically changes the loan’s rate, term ...

A mortgage loan modification can offer an opportunity for borrowers to get their monthly payment on their mortgage reduced to an amount they can afford. A mortgage loan modification may extend the ...

Whether you need a loan modification or refinance depends on your financial situation. If you’re in financial distress or in imminent danger of foreclosure, your existing lender may offer a loan ...

Discover the benefits and drawbacks of loan modification programs, eligibility requirements, and alternatives for struggling ...

FHA first proposed the 40-year loan modification on April 1. The new option is intended to help borrowers who can’t achieve a minimum targeted 25% reduction in the principal and interest (P&I) portion ...

For example, according to research from Freddie Mac, borrowers who approached different lenders and got two or more quotes ...

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input.

A question we’ve received from clients with increased frequency is whether they can forgo recording their loan modification agreement in certain circumstances or jurisdictions without jeopardizing ...

Mortgage loan modification means to try to get a better bargain from one's moneylender regarding the terms and conditions levied on the loan. It could be a request to write off precedent credit ...

The Obama administration wants to spend up to $100 billion on efforts to help homeowners, especially those facing foreclosure. But one of the leading ideas on how to do that — rewriting home loans to ...

I applied for a modification of my home loan due to the uncertainty of my job. It’s a regular 30-year mortgage with a rate of 5.25%. I owe $370,000 on it. I found out last year, after talking to a few ...

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