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Brandon Laughridge is a marketing specialist for Mortgage Loan Place. His focus is on creating tools and content that help real estate professionals better serve their customers over the internet.
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Justin McHood is part of the Arizona Mortgage Team at VanDyk Mortgage, based out of Phoenix. He has 6 years of experience and is a prolific mortgage blogger.
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Robert Griffin, a thirteen-year veteran of the mortgage industry, specializes in reverse mortgages and has earned the accolade of No. 1 reverse mortgage broker in the Southwest three times.
Home Loan Modification
Loan Modification is the process by which the original terms of a mortgage are modified due to changing circumstances. In the past, lenders haven't had to deal with many loan modifications but in today's tumultuous real estate market they are increasingly common.
Any change to mortgage terms is technically a loan modification but the most common items altered are the interest rate, the principal balance of the loan, or the term of the loan. The end goal of almost all loan modifications is to lower the homeowner's payment.
If you are sitting on a home with negative equity (owe more than it's worth) than it's worth a shot to try and modify the loan with the lender. A reduced payment is never a guarantee but the small up front cash risked for a modification could pay big dividents by saving hunders or thousands every month on your monthly payment.
Contact our loan modification partners today to find out if you qualify to lower your monthly payments.
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More Resources
Find more information on home loan modifications at these great resources: