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            Loan Modification

            Loan Modification Lawyer

            What is a loan modification?

            A Loan Modification is a permanent change in one or more of the terms of a Borrower’s loan. Often times, the payment amount is lowered to a payment the Borrower can afford by extending the loan, lowering the interest rate, and possibly a principal reduction. The Borrower may only receive one Loan Modification within a twenty four month period. At Weller Legal Group, an Attorney will guide you through the Loan Modification process and help you prepare and submit your paperwork.

            Mortgage Modification

            Mortgage Modification is defined as a process wherein the Mortgage terms are changed or modified from their original terms, subject to the agreement of the borrower and the lender. Among the terms that can be altered by a mortgage modification include monthly payments, interest rates, and principal balances.

            In a loan modification, the borrower may received a reduction in the interest rate being charged pursuant to the mortgage. The interest rate may further be changed from a variable to a fixed rate, and the method of calculating the interest can be changed. The lender may also agree to the reduction of late fees and penalties, to lengthening the term of the loan, or fixing the monthly payment to the borrower’s household income. The lender may agree to a forbearance.

            Depending on the lender, the borrower may need to be either delinquent or current in order to receive a loan modification. Every lender seems to have different standards regarding the borrower’s ability to qualify for a loan modification. Please consult with Mr. Weller before embarking on such a pursuit. There are many pitfalls.

            湖南福彩网app官方下载 Affordable Modification Program (HAMP)

            The 湖南福彩网app官方下载 Affordable Modification Program or HAMP, was created pursuant to the Financial Stability Act of 2009. The intention of HAMP was to create similar standards and guidelines to the many available loan modification programs offered by lenders. As of the writing of this article, the 湖南福彩网app官方下载 Affordable Modification Program (HAMP) had certain requirements. Only loans that originated or began before January 1, 2009 are eligible along with first lien mortgages on owner occupied dwellings with mortgage balances less than $729,750. Owner occupied dwelling with two to four units have higher mortgage limits. The HAMP Program contains many different and changing rules and procedures and incentives. In some cases, a 湖南福彩网app官方下载owner is eligible to lower his monthly payments. HAMP shares with the investor or lender, the costs of such reduction. That means that the taxpayers subsidize the cost of lowering the monthly payment. The HAMP Program also contains incentives to lenders to forgive second mortgages, and for modifying loans.