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According to HUD, a loan modification "is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford."
Loan terms that lenders are willing to modify, as a rule, include the following elements, which are designed largely to reduce the borrower's mortgage payment:
* Loan term -- Lenders will often add months or years to the term of a mortgage, to give an owner more time to make up for missed payments, or to lower the amount of monthly payments;
* Loan type -- Negatively amortizing loans and fully adjustable-rate mortgages (ARMs) can be converted into interest-only and/or fixed-rate loans;
* Interest rate -- It is very common for a lender to reduce the interest rate as part of a loan modification;
* Scheduled or past rate/payment adjustments -- The interest rate and payment on a loan that has adjusted or is set to adjust can be "fixed," either extending the fixed-rate period before adjustment or converting the loan into a fixed-rate mortgage for the remainder of the loan term.
Good candidates for modification are homeowners who (a) have a valid reason they fell behind in the first place, like a change in their income or a change in the payment amount, and (b) can document sufficient income to make the agreed-upon post-modification payments. Lenders don't modify loans for people who can't afford to make the payments they are agreeing to.
Loans that have adjusted or are set to adjust are good candidates for modification. Unfortunately, it turns out that lenders seem to be more likely to modify loans for borrowers who are late on their mortgages (but not so late that the foreclosure auction is set for tomorrow!), and the companies most likely to grant modifications (in my experience) are the lenders who have gone under and been bought out.
RESS®, AHWD®, e-PRO®, GREEN , CFS, TRC
Luxury Short Sale Specialist
Certified Distressed Property Expert©
BROKER - Owner of Green Realty Properties, Inc. REALTOR®
(954) 667-SALE (7253)
ou've made the decision to buy or sell a luxury home, and now it's time to select the real estate professional who can best assist you. Not all good agents operate effectively in the upper-tier market. It is a market segment that requires special competencies. As a member of The Institute for Luxury Home Marketing, Patty Dasilva is able to provide high quality service to her buyers and sellers of luxury homes.
Green Realty Properties (954) 667- SALE (7253)
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Green Realty Properties
12555 Orange Drive
Davie, FL 33330
(954) 667-SALE (7253)
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