March 13th, 2009
Information provided by Dana Mundy at AmeriChoice Home Loans.
Loan Modification…what is it and can you benefit? Simple stated a Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
What Qualifies for a Loan Modification?
Currently behind on mortgage payments.
Currently in Foreclosure (NOD or Lis Pendens)
Has the adjustable rate mortgage adjusted or will adjust within the next 6 months
Reduced income
New Job (Less Pay)
Loss of Employment
On Disability (Worker’s Comp)
Divorce/Separation
Excessive Medical Bills
Back taxes that are currently being paid back
Death of Household Provider
Failed business
If you or someone you know sincerely wants to keep their home, a loan modification might be their best bet. For more information, contact the Kenmore Team at (509) 727-8977.
