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1 lut 2024 · A "loan modification" is a written agreement that permanently changes the promissory note's original terms to make the borrower's mortgage payments more affordable. A modification typically lowers the interest rate and extends the loan's term to reduce the monthly payment amount.
The program includes incentives for homeowners, servicers, and investors to encourage successful mortgage modifications. Families in this program typically reduce their monthly payments by a median of more than $530 each month.
The Initial Package includes: Tax Form (Form 4506T-EZ ) or (Form 4506-T) Verification of income. If you need help completing your paperwork, call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) to work with a HUD-approved housing counselor for free. Step 1 – Complete the Request for Mortgage Assistance Form.
Offering mortgage borrowers an additional 90-day grace period to complete trial loan modifications, and ensuring that late payments during the COVID-19 pandemic do not affect their ability to obtain permanent loan modifications;
These loans can be used for the purchase or rehabilitation of residence. The program will also loan up to 80% of the repaired value of the home, making it useful for an individual or family that chooses to make accessibility improvements in a new home.
Available modification options are specific to the type of loan you have. If you are not sure what type of loan you have, please call PHH Mortgage Customer Service at (800) 330-0423.
24 lip 2024 · Is it hard to get approved for loan modification? Learn the loan mod process, how to apply, do's and don'ts for getting one, and who's likely to qualify.
