Loan Modifications are a change in one or more of the terms of a existing homeowner loan. The changes are permanent - a long-term solution for borrowers facing foreclosure and/or otherwise having problems with the repaying of the existing loan. A Loan modification will in most cases affect one or more of the following factors :
* An adjustable interest rate may be change to a fixed interest rate
* Adjustable interest rate may remain adjustable but with a lower rate - reduce CAPS rate
* Future upward adjustment of an adjustable interest rate may be halted
* The fixed interest rate make be ajusted to a lower fixed interest rate
* The principal amount of the loan may be reduced
* The lender may accept discounted pay-offs and/or forbearance
* Delinquent payment amounts may be added to the end of the loan
* Delinquent payment amounts may be added to the loan but over a longer loan period
* Delinquent payment amounts may be reduced or eliminated
* Delinquent payment amounts may be accepted whole or in part via an alternative payment plan
Equity Direct Mortgage Corporation will aggressively negotiate on behalf of our clients, acting to obtain loan modifications that result in a better circumstances for our clients, enabling them to afford to stay in their homes and avoid foreclosure processes. We have often and consistently been successful in effecting elimination of adjusted rate and/or negative amortization loan features.
Lenders are now more open than ever to modifying loans as the long term benefits of keeping your business by improving loan rates, amounts and conditions are infinitely preferrable to losses incurred by the costs of foreclosue. Loan modification can quite often mean that the borrower keeps their home and remains in a solvent situation.
If the adjustable rate mortgage term is nearing a time of increase, or you are in default on your mortgage payments, please contact Equity Direct Mortgage Corporation for free consultation by filling out our Loan Modification Quick App. Act now to save your home: do not wait until your monthly payments become unaffordable. The earlier we become active on your behalf, the better our chances are of negotiating a better interest rate with a managable payment.