Loan Modification

Loan modification is a process whereby a homeowner’s existing mortgage term is modified and both lender and homeowner are bound by the new terms. It is a renegotiation with a lender to change one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, thus resulting in a much lower and affordable payment within a longer period of time .

Restructuring your existing loan provides you with reduced interest rate for a specified period of time. Modification may result in longer amortization period (e.g. 20 years instead of 10 years) thus lowering the monthly payment rate.

Loan modification is a solution to:

• Avoid Foreclosure
• Fix Adjustable Rate Mortgage (ARM)
• Extend the term of your mortgage payment
• Lower your monthly mortgage payment
• Upside down property

Loan Modification process involves:

1. Consultation
2. Documentation
3. Negotiation
4. Approval

Please visit our website @ www.americanlegalnetworkonline.com for more information about loan modification.