Saving Your Home Through a Mortgage Modification
You worked hard to buy your home but if lately, you’ve been working even harder to keep it, a loan modification could be the solution that saves it. If you have property in South Carolina and are struggling to keep up with the mortgage payments, I can help ease your stress by helping you through the mortgage modification process.
If you’re ready to start living with less worry, give me a call today. I will walk you through the process in your free consultation.
COVID Mortgage Relief
If you have been unable to pay your mortgage for the last 18 months, you could qualify for reduced monthly payments. If you are currently unable to start making monthly payments or are unable to pay back the 18 months you owe, lenders can reduce payments by 20-25% and add the 18 months on to the end of your loan agreement.
Mortgage Modification FAQ’s
What is a mortgage modification?
A mortgage modification changes the original terms of your loan. This could include changes to the loan term, interest rate, or loan structure that gives you more time to pay off your loan and/or lower monthly payments.
How is a mortgage modification different then refinancing?
Refinancing pays off your current loan and replaces it with a new one. Loan modification directly changes the conditions of your current loan.
How do you apply for a mortgage modification?
Loan modifications must be applied for through the current lender. As with most legal situations, a loan modification is a tedious, complicated, and time-consuming process and is done best with the help of a trusted attorney.
Who qualifies for a mortgage modification?
Whether for a primary residence, investment property, or commercial property, nearly all borrowers are able to apply for a loan modification review through their lender. Outcomes can be difficult to predict but lenders typically make their decisions based on income and the ability of the property owner to make payments moving forward. Current pay stubs, bank accounts, and tax returns are looked at to determine if someone would make a good candidate for loan modification.