One way that a mortgage may be modified is through a rate reduction. A rate reduction is when a mortgage company agrees to lower a homeowner’s interest portion of the mortgage payment to a lower percentage. The rate reduction will lower the totally monthly payment, sometimes significantly. Depending on the financial situation of the homeowner, the rate reduction may be temporary. A rate reduction can also be permanent.
A rate reduction will lower a homeowner’s mortgage payment, so that the homeowner can more comfortably afford it. This will also allow the homeowner to get caught up on any balance that may be remaining. This may help the homeowner get into a better financial place.
The Mortgage Modification Center
A rate reduction is just one way that a mortgage modification may be achieved. If you believe that a mortgage modification may help your situation, please reach out to the Mortgage Modification Center at (401) 467-7998. Attorney John S. Simonian offers a free initial consultation, and may be able to help you.