What is Mortgage Modification?

A lender may agree to a solution that will make the homeowner‘s loan more affordable. A screening interview and certain paperwork and documentation will be required to determine if the homeowner qualifies for the loan modification program.

Typically, there are two types of loan modification:

1. Rate and Term Change

2. Modification of the Current Note

Some government programs are now offering cash incentives to lenders who will offer the loan modification program.

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About Toni Hedstrom

I am one half of Hedstrom & Stamm Home Solutions, a dynamic real estate team with emphasis on home marketing utilizing our exclusive Home Ready Program.