A loan modification restructures a distressed mortgage to make payments more affordable and keep homeowner(s) in their property. 

How it works… 
The plan focuses on mortgages payments; many economists agree that foreclosures happen not with declining property values, but mostly when borrowers cannot make monthly payments.

With a loan modification, monthly payments can be reduced to less than 38 percent of the borrower’s gross monthly income.  There are several ways to reduce monthly payments, including: lowering interest rates (to as low as two percent in some cases), extending the terms of the loan, or forbearing the loan principle at no interest.

Who is eligible…
Owner-occupied and rental properties are eligible. 

The plan helps homeowners who have been hit by financial hardship, such as a loss of job, medical reasons, or a mortgage rate increase that has put borrower at risk of default.  Loan modifications are not just for those behind on their mortgage payments, however; even if you are current on your mortgage, you can still secure a loan modification.  No matter your situation, adjustable rate mortgages are qualified.

Loan modifications can also be used for commercial properties at risk of foreclosing.  Contact me for more details.

Additional information… 
If you have any questions or want to see if you qualify, please send an e-mail to contact me; terry@terrycronin.com.  If you would like an application make mention and I will send you one. If there is more than one property, you will need application for each property.   

For more information on the Loan Modification Center, please contact Mike Carr directly, ej@loan-mod-inc.com.

In the news…
Associated Press: “Prepare for your Loan Modification”
Associated Press Article