Remember a loan modification for your mortgage is a permanent change in one or more of the terms of a mortgage loan, it allows the mortgage to be reinstated and results in a payment the mortgagor can afford ( lower monthly loan payments ).
A Loan Modification is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of the mortgage modification agreement . The most common mortgage loan modifications are listed below:
lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above
Question 1:
In utilizing the mortgage loan modification option to bring
an asset current, can the mortgagee include all fees and
corporate advances?
Answer: Mortgage Letter 2008-21 states in part: Legal
fees and related foreclosure costs for work actually
completed and applicable to current default episode may be
capitalized into the modified principal balance.
Question 2:
Is a Loan Modification Permanent?
Answer: A mortgage loan modification is a permanent
change in one or more of the terms of a mortgagor's loan,
allows the mortgage loan to be reinstated and results in a
payment the mortgagor can afford.
Question 3:
Can a mortgagee qualify an asset for the loan
modification option when the mortgagor is unemployed, the spouse is
employed, but the spouse name is not on the mortgage?
Answer:
Based upon this scenario, the mortgagee should conduct a financial
review of the household income and expenses to determine if surplus
income is sufficient to meet the new modified mortgage payment, but
insufficient to pay back the arrearage. Once this process has been
completed the mortgagee should then consult with their legal counsel to
determine if the asset is eligible for a loan modification since the
spouse is not on the original mortgage.
more mortgage modification questions
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
Don't ignore the letters from your lender
Contact your lender or bank immediately
Contact HUD-approved
Housing Counseling Agency
Toll Free (800) 569-4287
TTY (800) 877-8339
If you are unable to make your mortgage payment:
Don't ignore the problem - The further behind you become, the harder it will be to reinstate your mortgage loan and the more likely that you will lose your house more HUD info
Contact your mortgage lender as soon as you realize that you have a problem - Lenders do not want your house. They have options to help borrowers through difficult financial time and are willing to modify your mortgage
Countrywide (800) 262-4219
GMAC Mortgage (800) 850-4622
Indymac Bank (877) 736-5556
Sun Trust Mortgage (800)
634-7928
PO Box 26149
Richmond, Va 23260-6149
Washington Mutual (866) 926-8937
Wells Fargo (877) 216-8448 more mortgage modification lender phone numbers
Remember a loan modification for your mortgage is a permanent change in one or more of the terms of a mortgage loan, it allows the mortgage to be reinstated and results in a payment the mortgagor can afford ( lower monthly loan payments ).
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Mortgage
Modification
info@loanmodificationmortgage.org