Home Loan Modification Program

Jun 07

 Many loan modifications are being offered as 5-year fixed modifications and not for a full 30-year term. Loan modification companies are availible to work with you to reduce your monthly payments and get on track to financial security. As most people have heard, the latest push to stabilize the housing market is a loan modification program to reduce interest rates, and in a few cases, balances, on mortgage loans held by lenders nationwide.

You will have to fill out a lengthy application, supply tax returns and income and expense information and spend countless hours on hold. Waiting months for an answer will grate on the strongest of nerves. During this wait you will be expected to keep up your payments. Failure to do so will not stop collection efforts and late marks on your credit and you may or may not get a loan modification of terms. Generally you do not have to be delinquent to get a loan modification, though.

FHA Streamline Refinance” refers to a process of refinancing a FHA mortgage and specifically the amount of documentation and underwriting that is required to be completed by the lender. The process (as any refinance) involves certain closing costs that are either paid up-front or rolled into the amount of refinance.