Loan Mods, as they are known in the trade offer an opportunity to stay in the house, while avoiding foreclosure. Negotiations are made with the lender to change the terms of the existing loan.
About anything about the loan can be changed:
Loan term, lengthen the loan to cover those late fees.
Interest rate lowered, to drop the payment.
Interest rate lock, to prevent it from increasing.
Short Sale, to allow a sale for less than full balance.
Balance write down, much like a short sale, but you keep the house.
Many firms are in the loan modification business, and just recently entered it. It is best to find an Attorney Based Loan Modification firm to do the work for you. Attorney based negotiations offer better loan terms, and that is what you are looking for.
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