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
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
Retirement can be a stressful time in a person’s life. A person may have worked for many years to provide for the person’s family and save for retirement. However, adjusting to a fixed income can be difficult for many, and …Read More
Because there is no guarantee that a homeowner will be approved for a mortgage modification, many homeowners wonder if there is anything that can be done to improve the homeowner’s chances of getting approved. There are some tips that homeowners …Read More
Americans carry a lot of debt, and mortgages make up a significant portion of that debt amount. In August of 2018, a report was released by the Federal Reserve Bank of New York’s Center for Microeconomic Data. It showed that …Read More
Sometimes, a homeowner’s situation may change yet again after a mortgage modification was approved. If this happens, the homeowner may be able to reapply for another mortgage modification. Rules regarding a subsequent mortgage modification vary among mortgage companies. A homeowner …Read More
As the saying goes, there is no time like the present! If a homeowner is experiencing a hardship and is having a difficult time making the mortgage payments, has missed mortgage payments, or believes that they will have difficulty making …Read More
Whether a mortgage modification is temporary or permanent depends on the investor guidelines and how the loan was written. Mortgage companies, based on these investor guidelines as well as the loan’s specific criteria, may offer a mortgage modification for a …Read More