A allows the loan to be re-instated and results in a payment the Homeowner can afford. Much to often homeowners will find themselves in default, and will apply with a different lending agency to have their loan refinanced to lower their interest rate and mortgage payments.
Modification Requirements :
1) Three full payments due and unpaid
2) Minimum of 12 months elapsed since loan origination date
3) Default due to a verifiable loss of income or increased living expenses
If guidelines are met the will serve in the best interest of the homeowner, without having to refinance, because the interest rate will be lowered and possibly to the current market rate causing the homeowners mortgage payment to drop considerably .
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