MORTGAGE LOAN MODIFICATION
Contact Robinson Law to help you modify your loan. A few hours a week on the phone with the loan company and trying to identify the right papers to send in for consideration can be daunting. We can help!
What is a Loan Modification?
When the lender and borrower enter into a new agreement that modifies the original agreement. For example, a Bank may allow a Homeowner to defer or delay several monthly payments without any penalty based on changed circumstances.
What Parts of the Loan can be Modified?
There are several components to a loan.
The Rate, or Interest
The Term which is a number of months or years
The Principle which is the total owed
The Payment which is the amount you must pay each month
Penalties -- Some loans have early repayment fees.
Costs -- These are the "fees" that are charged to get or modify the loan
First payment due date