Loan Modification

Regular Loan Modification

A loan modification is possible if you are several months behind on your mortgage – or expect to fall behind soon – a loan modification of the mortgage terms may provide a solution. With a loan modification, you and your mortgage company will have a written agreement that changes one or more of the original terms of your note (such as the interest rate or duration of loan) to make your payments more affordable and sustainable.

A modification may make sense if you:

  • Are not current on your mortgage.
  • Do not qualify for the federal Home Affordable Modification Program (HAMP)
  • Do not qualify for the federal Home Affordable Refinance Program (HARP).
  • Can afford the modified mortgage payments.

Home Affordable Modification Program (HAMP)

If you’re behind in your mortgage payments, in the foreclosure process, or current on your payments but are about to default due to a recently experienced hardship, you may be able to modify your loan to a lower rate through the Home Affordable Modification Program (HAMP), part of the federal Making Home Affordable Program. This program is available through December 31, 2013.

HAMP may make sense if you:

  • Have a loan that is owned by Freddie Mac, Fannie Mae or a participating lender. Visit the Loan Look-up tool to see if who owns your loan.
  • Took out your mortgage on or before January 1, 2009.
  • Currently live in the property as your primary residence.
  • Do not qualify for the federal Home Affordable Refinance Program (HARP).
  • Are behind on your mortgage, or you are current but will be unable to afford your mortgage payments because of a documentable financial hardship.
  • Spend more than 31 percent of your pre-tax income on your mortgage payment (including principal, interest, taxes, insurance and homeowner’s association dues).


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