90 Washington St.

Long Branch NJ 07740

Loan Modification

 Loan Modification

 In a loan modification, your mortgage company changes the terms of your mortgage. This may include placing your arrearages on the end of your mortgage, lowering your interest rate or reducing your payment.   Homeowners enter into a loan modification agreement that contains the changes to their mortgage. A loan modification may be done directly with the lender or in conjunction with a federal program.

 The loan modification process begins with submitting an application to your lender. My office works with you to assure that the your application conforms with the application requirements of you lender.

 Before your mortgage company commits to a loan modification, it may require you to go through a trial period, usually three to four months long, to make sure you are able to make the new mortgage payments on time. If you successfully complete the trial period, your lender will usually offer you a loan modification.

 Although loan modifications have become more commonplace in recent years, it is important to understand that you are not entitled to a loan modification. Your mortgage company must agree to the loan modification, but it is not obligated to do so.

 Contact my office to schedule a time to meet with our loan modification specialist for a free loan modification evaluation.