A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time.
In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, illness etc.
Now, borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages.
The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage.
Have a H.U.D. certified counselor contact you today to assist you in saving your home.
The counselors work with a variety of lenders including, but not limited to;
ABN Amro/LaSalle Bank
American Home Mortgage
Americas Servicing Company (ASC)
Ameriquest
Bank of America
Beneficial Finance
Carrington Mortgage Services
Centex
Chase
CitiFinancial
CitiMortgage
Countrywide
Dovenmuehle Mortgage
EMC Mortgage
Everhome Mortgage
First Franklin (HLS)
First Horizon
GMAC
HomEq
Homecomings Financial
Household Finance
IndyMac
Litton Loan Servicing
Long Beach Mortgage
M & T Bank
Midland Mortgage
National City
NationStar
New Century
Ocwen Servicing
Option One
PHH (Cendant)
Popular Mortgage
Saxon Mortgage
Standard Mortgage
21st Mortgage
US Bank
Wachovia
Washington Mutual
Wells Fargo
Wilshire Financial
