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The majority of lenders offer a loan modification program


There are alternatives to a traditional loan refinance if you are upside down on your home or have fallen behind on your mortgage payments, you may want to explore a loan modification with your mortgage lender.

Mortgage lenders and loan servicers typically have a designated department and staff that is referred to as the loan modification department. This area of the company has the ability to review a borrowers loan and make potential changes to their loan terms such as lowering the interest rate, extending the borrowers current rate or changing the loan term.

Loan modifications can be especially beneficial to a home owner who is currently upside down on the home loan as the modification allows the lender to make changes to the mortgage loan without following traditional underwriting guidelines. Most lenders will review a borrowers entire loan scenario before determining if the borrower and lender may both benefit from a loan modification. Most mortgage lenders are aggressively working with home owners who have struggled with house payments that may have adjusted and they no longer have the equity in their homes to refinance as a way to proactively help these individuals avoid foreclosure.

Not every mortgage lender will offer a loan modification and some lenders may agree to modify the loan terms, but may be restricted in making the changes as the end mortgage security investor may not allow for this. If you have a second mortgage or home equity loan it may be more difficult to pursue a loan modification.

8-13-2008 ? LoanNetwork.com





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