Lenders will sometimes change the terms of a loan to help a homeowner avoid foreclosure.
Some options included are:
- Adding missed payments to the loan amount and increasing the monthly obligation to cover loan.
- Giving typically the homeowner more time to pay off the loan, lowering the interest rate, and/or partially forgiving the loan to decrease the monthly obligation.
- Requiring to include taxes and insurance with the monthly mortgage payment to avoid large bills in addition to the mortgage.
For help with your loan modification needs contact us at (786) 375-5725 ext. 305 or to find out if you are a candidate for a Loan Modification click