A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. With a loan modification, the lender may agree to do one of more of the following to reduce your monthly payment: reduce the interest rate.
Loan modifications can be used to stop the foreclosure process to help people stay in their homes. With a loan modification you can lower your mortgage payments and may be able to reduce your interest rate. With a mortgage modification you may be able to get a reduction in your principal balance.
The foreclosure process can be stressful. If you are looking for an experienced foreclosure service to help you stop foreclosure, call us at (847) 398-4793.