Loan modification is a viable option for homeowners who are struggling with their mortgage loans. Through this program, clients are able to speak with NAAC housing counselors about their hardship situation and come up with solutions to tap into available options to remain in the home or plan the best exit strategy.
What you need to know about loan modification
With the economic impact of the pandemic, a lot of homeowners find themselves falling behind on their mortgage and in danger of losing their homes. However, subject to certain eligibilty requirements, loan modification is an option that allows you an opportunity to renegotiate your payment terms and avoid foreclosure.
It is different from refinancing your mortgage. Refinancing involves taking out a different loan whereas loan modification changes the terms of your existing loan.
It could be about shifting from an adjustable-rate mortgage to a fixed loan mortgage, lowering your interest rate, or extending the length by which you have to make payments.
Not everyone can qualify for loan modification. You mays speak with one of our counselors to see if you are eligible.