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Modify Home Loan

The process used to modify home loan(s), more formally known as loan modification, is most common in cases where foreclosure is imminent. When a homeowner feels threatened by foreclosure, the first source of resolution is the lender delivering the foreclosure. Among others, the lender can offer loan modification as an alternative to foreclosure. First, the lender will need to assess the homeowner's finances, determining whether or not modification is indeed needed. A homeowner that qualifies will then be offered a new, improved, restructured loan, which will consist of modified terms such as lowered interest rates, forgiven principal, or an extended loan length. If a homeowner does not qualify for loan modification from their own lender, they may choose to speak with a HUD counseling agency for other possibilities

Fast Facts

  • Homeowners must have a loan with unpaid principal balance equal to or less than $729,750 to be eligible for the Making Home Affordable program
  • Fannie Mae and Freddie Mac modified almost 37,000 loans in the first 3 months of 2009

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