When you have a problem with your mortgage, it can be very challenging to get your loan servicer to work with you to fix it. Applying for a loan modification, many homeowners feel like their bank actually wants them to fail so they can foreclose on their home.
To state the obvious, when you're contacting your bank it's because something's gone wrong, such as divorce, illness, or loss of income. Maybe all three at once. Something's caused you to be unable to pay your mortgage and be at risk of losing your home to foreclosure. It's an awful situation to be in.
Fortunately for you, there's this amazing thing that could permanently lower your monthly payment to an affordable portion of your income and enable you to keep your home. It's called a loan modification, and it works by changing the length of your loan term, interest rate, and/or reducing principal. It costs nothing to apply and there are no closing costs.