Mortgage Modification

A Mortgage Modification is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of that mortgage modification agreement.
Most common mortgage modification options are listed below:
    * lowering the mortgage interest rate
    * reducing the principal balance
    * fixing adjustable interest rates within the mortgage
    * increasing the loan term throughout the mortgage
    * forgiveness of payment defaults and fees
    * or any combination of the above
How to Negotiate a Mortgage Modification with your Lender
    * Make sure you know the state of your finances before contacting your lender
    * Contact your mortgage company and have an idea of what you need
    * Come up with some kind of answer to the lender's question of how you propose to pay the loan eventually...
      how to negotiate a mortgage modification
Modification Questions
    * Question 1: In utilizing the mortgage modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
    * Answer: Mortgage Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and...
      mortgage modification questions
Modification Help
Are you having trouble  keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Then get help now... mortgage modification help
Lender Numbers
    * Countrywide (800) 262-4219
    * GMAC Mortgage (800) 850-4622
    * Indymac Bank (877) 736-5556
    * Wells Fargo (877) 216-8448...
      mortgage modification lenders numbers
Mortgage Modification Program
Most mortgage companies are just starting to build their modification programs. It seems that they have to hire and train people on how to modify the loans. Remember just a few years ago no one had even heard of the term mortgage modification... mortgage modification program
Mortgage Modification Agreement
The mortgage modification agreement is basically a new contract between you and the mortgage company. When the mortgage holder agrees to a mortgage modification then they will send out to you a mortgage modification agreement... mortgage modification agreement
Remember a mortgage modification is a permanent change in one or more of the terms of a loan, it allows the mortgage to be reinstated and results in a payment the mortgagor can afford.