Mortgage modifications are changes in the terms of a mortgage loan designed to make it more affordable to the borrower. Generally, modifications are available only to borrowers in default, or in imminent danger of default from impending rate increases that will make the mortgage payment to high. The purpose is to cure or avoid the default, thereby avoiding foreclosure.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire. Due to the COVID-19 pandemic and ensuing economic crisis, millions of …
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Mortgage modifications or Loss Mitigation is when changes in the terms of a mortgage loan designed to make it more affordable to the borrower. There is Hope when it comes to Loan Modifications. Generally, modifications are available only to borrowers in default, or in imminent danger of default from impending rate increases that will make the mortgage payment not affordable to them. The purpose is to cure or avoid the default, thereby avoiding foreclosure.
We do not encourage you to stop making payments, this is not necessary to get your loan modified. We are not attorneys or providing any type of legal advise.
*A reduced interest rate is typically part of the new term included in a loan modification. However there is no guarantee you will receive a loan modification or assistance with foreclosure avoidance. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios.
**Hudhousinghelp.com is not affiliated with NACA, HUD or anyone at this time. We are not a bank, nor a government agency or government affiliate. And our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Outcomes vary from case to case. Possible outcomes include but are not limited to loan modification, forbearance agreement, trial plan, repayment plan, and denial.