{"id":165,"date":"2018-12-05T21:43:18","date_gmt":"2018-12-05T21:43:18","guid":{"rendered":"http:\/\/mortgagemodificationri.com\/blog\/?p=165"},"modified":"2019-02-05T03:29:55","modified_gmt":"2019-02-05T03:29:55","slug":"principal-reduction","status":"publish","type":"post","link":"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/","title":{"rendered":"Principal Reduction"},"content":{"rendered":"<p>Another way that a <a href=\"http:\/\/mortgagemodificationri.com\/blog\/2018\/09\/18\/what-is-a-mortgage-modification\/\">mortgage may be modified<\/a> is through a principal reduction. The <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/your-mortgage-calculator-may-be-setting-you-surprise\/\">principal<\/a> 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 not include taxes, fees, or interest. It also does not include money that goes into an escrow account. There are times when the principal amount that a homeowner owes far exceeds the amount that the home is reasonably worth. When this occurs, it is called an <a href=\"http:\/\/mortgagemodificationri.com\/blog\/2018\/10\/05\/what-is-an-underwater-mortgage\/\">underwater mortgage<\/a>.<\/p>\n<p>Sometimes, a mortgage company can reduce the principal amount on a mortgage. This is to make the mortgage more affordable to homeowners. By reducing the total amount owed, the monthly mortgage payments are decreased. The homeowners are able to stay in their home. Mortgage companies are most likely to do this when a mortgage is underwater.<\/p>\n\n\n<h2 class=\"wp-block-heading\">The Mortgage Modification Center<\/h2>\n\n\n\n<p>\nIf you believe that a mortgage modification may help your situation, please reach out to the <a href=\"http:\/\/mortgagemodificationri.com\/\">Mortgage Modification Center<\/a> at (401)467-7998 for your free initial consultation and to discuss your particular situation. <a href=\"https:\/\/www.law-ri.com\/\">Attorney John S. Simonian<\/a> may be able to help you stay in your home.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<a class=\"rm\" href=\"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[60,3],"tags":[29,41,5,48,4,24,6],"class_list":["post-165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-modification","category-mortgage-modification","tag-attorney","tag-cant-pay-mortgage","tag-loan-modification","tag-mortgage-help","tag-mortgage-modification","tag-mortgage-modification-center","tag-rhode-island-mortgage-modification"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Principal Reduction &#8226; Mortgage Modification Center &#8226; Rhode Island<\/title>\n<meta name=\"description\" content=\"A principal reduction is one way that a mortgage modification can decrease the total amount that a homeowner owes on a mortgage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Principal Reduction &#8226; Mortgage Modification Center &#8226; Rhode Island\" \/>\n<meta property=\"og:description\" content=\"A principal reduction is one way that a mortgage modification can decrease the total amount that a homeowner owes on a mortgage.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/\" \/>\n<meta property=\"og:site_name\" content=\"Mortgage Modification Center RI\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RealEstateFLLaw\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/RealEstateFLLaw\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-05T21:43:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-05T03:29:55+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/mortgagemodificationri.com\/blog\/wp-content\/uploads\/2018\/12\/Simonian-Logo-e1549573130573.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"218\" \/>\n\t<meta property=\"og:image:height\" content=\"218\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Attorney John Simonian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Attorney John Simonian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/\",\"url\":\"http:\/\/mortgagemodificationri.com\/blog\/2018\/12\/05\/principal-reduction\/\",\"name\":\"Principal Reduction &#8226; 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