Why would a lender modify a mortgage?
Since many homes across America have lost equity, and in many cases, are upside down, lenders realize that modifying an existing mortgage may be a more cost effective solution for them. It helps the homeowner to better afford their home with lowered payments and better terms. A loan modification may prevent a possible foreclosure where the bank would lose 35 to 75% of the value of the promissory note.
Find out if a mortgage modification makes sense for you. Caroline Allison has helped homeowners avoid foreclosure. Be sure and fill out the contact form, and Caroline will call you to discuss your situation and options.