One way that a homeowner may modify the mortgage is by receiving a term extension. Every mortgage is for a set number of years, or a term. Conventional mortgages usually have a term of 30 years, but a mortgage can have any time period, depending on the agreement.
A term extension works by extending the time period of a loan. The mortgage company will take whatever a homeowner owes on the home, and extend that amount over a longer period of time, resulting in an extension of the loan. This can lower the monthly payment amount, though it also means that the homeowner will pay more money in interest over time. Still, it can be a great way to keep a family in the home by making the mortgage payments more affordable.
The Mortgage Modification Center
If you have any questions about a mortgage modification, or think that one may help your situation, please do not hesitate to reach out to the Mortgage Modification Center at (401) 467-7998 for your free initial consultation. Attorney John S. Simonian has handled numerous mortgage modifications over the years, and may be able to help your family.