Payment Modification

It is estimated that up to 80% of the people who bought homes in the last 5 years would not be able to qualify for the same home If they purchased today. More than half of those loans are in the form of an adjustable rate mortgage.

Most borrowers received loans that were fixed for 2 or 3 years, and then would adjust to a higher rate. As these loans adjust, payments can double or triple in size. Even if you can afford the inflated payment, it doesn't make any sense financially to pay 7- 10 % on a loan when you can pay 5%.

Consumers who have similar situations should apply for a loan modification even if they are not delinquent. If a homeowner has a three hundred thousand dollar mortgage, the difference in payment from 9 percent to 5 percent is almost a thousand dollars a month.

When you contact our office, we will quickly determine what the best plan of action is for your specific situation. With a loan modification, you can get into a fixed term that will lower your payments so they are affordable for your specific situation.