With home prices down by as much as 50% or more in some areas, refinancing is not possible and selling is out of the question for most homeowners. The solution is to modify your existing loan. This is when you and your lender agree to make a permanent change in the terms of your loan. With this option you avoid the cost of refinancing and the lender keeps the loan on its books avoiding a costly foreclosure. Often the bank will make an initial offer to you in hopes that you will accept it. In many cases this is simply a short term fix that can add to your loan balance and only temporarily reduce your payments.
Call us today! We can help you modify your mortgage.
