Another way that a mortgage may be modified is through a principal reduction. The principal amount is the amount that was borrowed to purchase the home. This is the amount that needs to be paid back. The principal amount does …Read More
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 …Read More
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 …Read More
Although the term “short sale” is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short …Read More
At one point or another throughout the course of a mortgage, a homeowner may feel that the mortgage payment is too high to be able to comfortably afford it. The homeowner may find that too much of their income is …Read More
A homeowner who is experiencing a hardship and is considering applying for a mortgage modification may come across the term capitalization of arrears or capitalization of missed mortgage payments, and wonder what it means. When a homeowner misses mortgage payments …Read More
A homeowner who can’t pay the mortgage may ask the mortgage company if they can forbear from paying the loan, also known as forbearance. Forbearance occurs when the mortgage company agrees to allow the homeowner to make a reduced mortgage …Read More
As a homeowner, there are times when you simply may not be able to make your mortgage payment. Mortgages and homes are expensive. In Rhode Island, the average cost of a home is approximately $265,000. This means that with interest, …Read More
Homeowners who are experiencing a hardship and are considering applying for a mortgage modification may wonder if the home may be rented after a mortgage modification. This may happen if the home in question is a rental home, vacation home, …Read More
Applying for mortgage assistance can be very complicated unless you take the process seriously. A homeowner considering a mortgage modification will likely have to submit many different financial documents to the mortgage company. Which specific documents that are needed varies …Read More