Cimpler Real Estate dba LenderBackDoor

Loan Modifications

 

Loan modification is where a lender agrees to actually modify the existing loan (lowering and/or fixing the interest rate, reducing the principal balance, forgiving payment defaults or some combination.)  Loan modification is a solution from the mortgage lender, as petitioned by the homeowner and their agents, which can include any of the following:

          -  Reduction in monthly payment

          -  Reduction in interest rate

          -  Fixed interest rate

          -  Longer terms for fixed rates (e.g. extending loan terms from 30 to 40 years)

          -  Reeduction of balance owed

             -  Waiver of fees, interest, penalties

          -  Moving arrears to end of loan (deferment of the principal)

        To discuss your options, please contact us.