How does a loan modification process work?
If you can’t answer that question, your lender may assume you don’t know what you’re doing and try to trick you with unreasonable deals. Setting your goals is an important part of the loan modification process. If you know your options, you know whether your bank is making a fair offer or just trying to fool you. The terms you will get depend on what makes the most financial sense to your lender. Your loan modification attorney should run you through your options and help you set realistic goals. Below are some of the ways your loan modification can be changed, and how they can work for you. The ultimate goal with loan modification is to save your home by adjusting your mortgage to a payment that you can afford for a prolonged period. 1. Waiving or reduction of delinquent balance. If late penalties account for most of your debt, this can be a viable option. Your lender can reduce the amount you owe in late charges, or if you’re lucky, even write it off altogether. They can also add it
