Loan Modification is the process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender, with the goal of an interest rate and/or principal reduction.
Making Home Affordable, the home to an official program of the Departments of the Treasury & Housing and Urban Development, offers all types of resources for people struggling with their mortgage payments.
There you can explore your eligibility for the program, and even calculate your potential payment reduction.
Some eligibility requirements for borrowers include:
- Borrower is delinquent on their mortgage or faces imminent risk of default.
- Property is occupied as borrower’s primary residence;
- Mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.
The professionals at Nexus Debt Solutions are expertly trained in negotiating your monthly payments.
First, reduce the interest rate to as low as 2%; Next, if necessary, extend the loan term to 40 years. Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount. In the end, payments can be as low as 31% of a borrower’s total pretax monthly income:
For more information on your loan modification options, contact us for your free consultation at 1-(866)-326-5155.