It seems that a few of the lenders involved with mortgage modifications have come to their senses. They have discovered that they are often better off taking what they can get and that borrowers with lower payments are less likely to default on their loans.
While there are a couple variations on how best to do this, several lenders have lowered a borrower’s interest rate to 2%, in some cases for the life of the loan.
You can read the rest of the article on mortgage modifications here!
If you are behind on your mortgage, or may become behind due to financial distress, you may be eligible for a modification. Just use caution, as every lender is not willing to make the process easy, nor are they likely to give you the best deal possible unless you ask for it.
To learn more about the company I recommend to my clients, visit here for loan modification facts.
Scott
Northwest Indiana’s source for VA, FHA, and USDA loans!
