Illinois Loan Modification Agreement (Providing for Fixed Interest Rate
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FAQ
A loan modification is different from a refinance. When you take a loan modification, you change the terms of your loan directly through your lender.When you refinance, you can change your loan's term, your interest rate and even your loan type. You can also take cash out of your equity with a cash-out refinance.
If your servicer or lender agrees to a mortgage loan modification, it may result in lowering your monthly payment, extending or shortening your loan's term, or decreasing the interest rate you pay.
A loan modification can relieve some of the financial pressure you feel by lowering your monthly payments and stopping collection activity. But loan modifications are not foolproof. They could increase the cost of your loan and add derogatory remarks to your credit report.
There are several reasons to renegotiate a mortgage. Perhaps you cannot afford your mortgage, and you are at risk of falling behind in your payments, or you are already several payments late. Alternatively, you might be able to afford your mortgage but want to take advantage of lower fixed interest rates.
Just Call and Request a Lower Rate While not conventional or at all common, some folks have obtained lower interest rates simply by calling up their mortgage lender and requesting one. You need to indicate that you have no interest in refinancing with them because otherwise they'll just take you down that route.
Conventional loan modification In particular, Freddie Mac and Fannie Mae offer Flex Modification programs designed to decrease a qualified borrower's mortgage payment by about 20%.
You would avoid foreclosure and remain in your home. If you are behind on payments, you would resolve your delinquency status. You may be able to reduce your monthly payments so they are more affordable. You would suffer less damage to your credit than if the bank foreclosed on your house.
There is one way you can get a lower mortgage interest rate without refinancing, however.A mortgage modification allows you to change the original terms of your home loan due to a financial hardship. Your lender may adjust your loan by: Extending your loan term.
