Why Loan Modification

A loan modification is a process whereby a lender responds to a borrower’s request to “alter” the terms of an existing loan. Loan modifications typically result in a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a partial principal reduction of the existing loan amount, or a different type of loan (or any combination of the four remedies). A lender might be open to modifying a loan because the cost is less than the cost of foreclosure or selling the home “short” of the loan payoff (known as a “short sale”).

Today, many homeowners are implementing a Loan Modification Plan to stop foreclosure. If you will currently make your regular payment, but you can’t catch up with the past-due amount, NHFG will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. This new amount will be re-amortized over a new period of time. Or, if you are unable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level.

A Loan Modification will change your existing mortgage note and give you a fresh start in managing your home. Your account will be brought up to date immediately. Our purpose is to help you “keep” the “loan” you have now – after we are successful modifying the terms. We fully understand the serious nature of your situation and are aware that you may only have a short time to overcome the real possibility of losing your home.

The key to our high rate of success is constructing a financial plan that you and your lender will approve and, most importantly, that you are able to perform. We only accept cases we believe we will win on your behalf. You can be a priority in our organization!

Still Have Questions?

If you still have Loan Modification questions or need professional and reliable guidance on your Loan Modification, feel free to have one of our Loan Modification Specialists contact you personally by completing this no hassle form.