A Loan Modification is a negotiation between a lender and a borrower whereas the loan terms are restructured without refinancing. The rate and terms of your loan are restructured to fit your current financial situation.
In these market conditions, the banks and lenders have been mandated by the president to do everything they can to work out a payment plan with their borrowers. This is a great thing for today’s borrowers, especially for those who are running late on their payments or are having trouble making them on time. The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.
We have referrals if you need any lenders help you with a loan re-modification, give us a call or email us.
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Kathy Dyer Realtor CABRE #01723710
KW Coastal Estates
Carmel Ca. 93923