The loan modification division of mortgage company will thoroughly review financials and current mortgage status; Lender may decide borrower is a great candidate for a loan modification; Once approved for a loan modification, the mortgage loan originator can present several programs that are best tailored to homeowner
A loan modification changes your loan permanently, so it may not be an option if you’re facing a temporary hardship. If you have home equity financing or any other liens on the property, they may need to be addressed separately from your first mortgage. Make sure you contact any other lien-holders to find out what options you may have.
If you’re eligible for the home affordable modification program SM (HAMP ), your mortgage company will usually put you on a three-month trial plan to let you demonstrate your ability to make timely payments at the new monthly payment level.If you successfully make all required payments during your trial period, your mortgage company will execute an official modification agreement.
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Defaulted on Another Loan Modification: If you previously got approved for a loan modification but were unable to be faithful on your payments, there may be a guideline preventing you from applying again until a specified time lapses. 4. Identify an Appeal Strategy
Re-modifying a mortgage is possible in some instances, but it can depend on the modification you already have.
HAMP is now the largest mortgage loan modification program in the. Furthermore, the mortgage is not eligible for another HAMP modification.
Loans with prior or existing loan modifications may be ineligible for consideration of another modification request; Second Lien: Eligibility factors are similar to the First Lien Modification; A successful first lien modification must be completed; If the first lien mortgage is not serviced by SunTrust, then proof of a successful first lien.
FHA.com is a private corporation and does not make loans. A loan modification plan permanently restructures a mortgage by changing its terms. Those terms include a reduction of the interest rate and/or monthly payment. loan modifications can also entail conversion of the interest rate to one that is more financially feasible for the homeowner.