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Get a Loan Modification Today

What is a Loan Modification?

A loan modification is when the lender modifies or changes one or more of the terms of a mortgage loan in order to work with you because of a hardship. The purpose is to help make your loan more affordable. In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now, borrowers can obtain mortgage help from their lender for unaffordable rates, falling home values, as well as adjustable rate mortgages.

The Mortgage Loan Modification process allows a loan to be reinstated as current if the loan is behind or past due and results in a payment the mortgagor can afford .

The Following is some examples of the way a mortgage loan may be modified:

Reduction in interest rate to as low as 2 %
Converting to a fixed rate, or in how the floating rate is computed
Reduction in principal
Reduction in late fees or other penalties
Increase of the loan term to as much as 40 years
Capping the monthly payment to a percentage of household income

How do I know if I qualify :

There are three basic requirements to qualify for a loan modification

You must have experienced some form of hardship
There must be income being generated in your household
You must be living in your house

The Key To A Successful Loan Modification :

The key to getting a successful Modification is Your initial application. Your application must be complete and accurate and must be presented properly. At NMCC our experts have prepared thousands of applications and we know what the banks need to complete the process.

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