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*IMPORTANT: Do not attempt to send falsified information to increase chances of acceptance. Results vary from case to case and you may still: lose money and/or be foreclosued upon. Mortgage modifications are designed to make your mortgage better fit your circumstances. The cost of the modification also varies from case to case. Please call for pricing. Please call if you have any questions. Thank you! Modification provided by Modification Services Inc.
- What is a home mortgage modification?
- Am I eligible for a mortgage modification?
- How much can I save on my mortgage payments?
- How can I apply for a mortgage modification?
- What can I do if I am turned down by my lender?
- Frequently asked questions about modifications
- Mortgage Modification Calculator
What is a home mortgage modification?
A home mortgage modification is a way of helping Americans who are struggling to pay their mortgage to stay in their homes by changing the terms of their mortgage and reducing their monthly payments. Lenders are being to encouraged by the Government to renegotiate mortgages to avoid foreclosure on family homes.
Send us a message, you might be eligible
for a mortgage payment modification.
“ My plan establishes clear guidelines for the entire mortgage industry that will encourage lenders to modify mortgages on primary residences. ” - President Barack Obama
Mortgage modifications are done, for the most part, for people who can no longer afford their monthly payments, although this is not the only way people qualify. According to the Federal Housing Administration the safe limit of spending is between 31-43 percent of a persons income. Conventional financing limits are typically 28-36 percent. If you're spending is around or higher than those figures, you may qualify for a mortgage payment reduction through a home mortgage modification.
There are other qualifications for mortgage modification, for more information on the topic, please read the following page: am I eligible for a mortgage modification?
What happens during a home mortgage modification?
Typically what will happen is, once a home mortgage modification agent has gathered all the information required for a modification, they will work with a mortgage specialist or an accountant who will decide what the current market value is for your house if they think that will help lower the monthly mortgage payment. They accountant will also take a look at your financial situation and get you down, not only to a safe level of spending, but to the lowest level possible. There are a number of factors that are taken into account, and once they have an idea of what you, the home owner, needs, the negotiation process can begin.
Mortgage negotiation process
During the negotiation process negotiators will use the information given to them to spell out the home owners situation to the lender and use that as leverage. During the process the negotiator may go into detail as to how the situation of the home owner will play out and then go over what the lender stands to lose. Thanks to their understanding of accounting, they know how much the lender makes and what the lender can afford to do and can work out a model that works for everyone. With this knowledge they work out a new mortgage payment plan that will be acceptable to both the lender and the home owner.
Continued: Am I eligible for a mortgage modification?
Contributors: Mortgage and Credit Cards
