Mortgage Loan Modification Options
This is a news story, published by Yahoo Finance, that relates primarily to USDA news.
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mortgage modificationYahoo Finance
•How to apply for mortgage modification if you're struggling to afford monthly payments
78% Informative
A loan modification refers to permanently changing the terms of your existing mortgage loan.
If your mortgage payments are higher than you can afford, you can apply with your lender for a mortgage modification that will lower your payments to an amount you can handle.
Some options include extending the repayment term to reduce your monthly payment, sometimes to a 40-year loan.
Borrowers with a USDA loan who are in imminent danger of defaulting may be eligible for a loan term extension of up to 40 years or a lower interest rate.
Cons: Your credit score could decrease depending on how your loan modification is reported.
Alternatives to loan modification: Forbearance, short sale or refinance.
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