A mortgage modification is where your bank agrees to lower your monthly payment. The bank will require a full and complete financial disclosure with current documentation, to show proper hardship required for loan modification. Often, homeowners do not properly or completely complete the financial disclosure, and a very important step in this process is making sure my clients are submitting complete and correct mortgage modification application to the bank. This dramatically increases the chances of success. The banks can make this process very hard for my clients, which is why they turn it over to us to handle for them.
A typical mortgage modification may include principal forgiveness, principal deferment, interest rate deduction, extension of the maturity of the loan, and in some cases, a shared appreciation plan. Every case is different, as each modification is dependent upon certain qualification guidelines. There are also government programs available for modification, such as the H.A.M.P. program. Helping my clients through this often difficult process is the focus of my individualized representation.