Welcome to my 60 Minute Loan Modification review!
What does “loan modification” mean exactly? By definition, a loan modification is a permanent change in one or more terms of a home loan that results in a more affordable monthly payment. A delinquent loan is brought current, and the interest rate may be lowered, a longer term offered and sometimes a reduction in the principle balance. A successful loan modification should offer the homeowner an affordable and sustainable monthly loan payment.
Will I have to pay all the late fees & penalties? Most lenders are offering modification programs that waive the late fees and penalties. Always ask for a detailed accounting and description of all fees from your lender-some fees may not be justified or allowable and should be waived.
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