What is loan modification on a mortgage and can it help me?
A loan modification is a method of altering your mortgage when you do not have the option to refinance. One must have an apparent hardship to be a viable candidate for a loan modification. Hardships can comprise of anything from loss of income, medical/family emergencies, negative equity (owe more than the property is worth), upward adjusting rate, tarnished credit, to various other negatively impacting circumstances.
Should you be facing a hardship, a modification can certainly help you. Depending on how severe your case is, and who is servicing your loan, modifications can come back with huge interest rate and or principal balance reductions which equate to a large monthly savings. Many choose to work with an Attorney firm to negotiate the modification, while some approach the matter on their own behalf.
Feel free to inquire within regarding how you can determine whether or not you are a viable candidate for a loan modification.