Distressed homeowners trying to learn about the loan modification process are finding themselves frustrated and confused. Are you wondering if a loan workout may be the answer you are looking for to help avoid foreclosure or be able to afford your home? If so, then you need to learn about the process so you will know how to qualify and what to expect. To help you learn the basics, here are the Top 10 Questions and Answers about loan modifications:What does “loan modification” mean exactly? By definition, a loan modification is a permanent change in one or more terms of a home loan that results in a more affordable monthly payment. A delinquent loan is brought current, and the interest rate may be lowered, a longer term offered and sometimes a reduction in the principle balance. A successful loan modification should offer the homeowner an affordable and sustainable monthly loan payment. Will I have to pay all the late fees & penalties? Most lenders are offering modification programs that waive the late fees and penalties. The federal program, Making Home Affordable Modification, mandates that the lender waive any late fees and penalties. Always ask for a detailed accounting and description… Read full this story
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