The Massachusetts Summary of Loan Modification is a program designed to help those with mortgages in Massachusetts who are struggling to make their payments. It is a free service that helps borrowers understand their loan and the loan modification process. This program offers several types of loan modifications depending on a borrower’s individual situation. These include: Principal Reduction Modifications, Interest Rate Reduction Modifications, Loan Term Extensions, and Forbearance or Repayment Plans. The program also provides guidance on how to apply for a loan modification, and also provides assistance in negotiating a new loan agreement with the lender.
Massachusetts Summary of Loan Modification
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Summary of Loan Modification
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The disadvantages of a loan modification include the possibility that you will end up paying more over time to repay the loan. The total you owe may even be more than your house is worth in some cases. In addition, you may pay extra fees to modify a loan or incur tax liability.
Lenders differ in their mortgage modification requirements, but typically they require you to show that: You're at least one regular mortgage payment behind, or a missed payment is imminent. You've incurred significant financial hardship, for reasons including: Long-term illness or disability.
No matter how focused your attention to detail, your credit score almost certainly will take a hit with a home loan modification. Often, a homeowner won't get approved for a loan modification unless there is evidence of one or several missed payments. Those missed payments hurt your credit score.
The fee to record a document is quite modest, but the document itself typically must be notarized. Ask your lender to record a loan modification document if you want it done. In most cases, the modification is simply a contract between the lender and borrowere and does not have to be recorded to be effective.
When you take a loan modification, you change the terms of your loan directly through your lender. Most lenders agree to modifications only if you're at immediate risk of foreclosure. A loan modification can also help you change the terms of your loan if your home loan is underwater.
You never completed the required loan modification package. You don't make enough money to support a loan modification. You don't have clear title to your property. You don't have a valid financial hardship reason.
A modification typically changes the loan's rate or term (or both) to make monthly payments more affordable. Borrowers seeking a modification have to provide proof of hardship to their mortgage lender or servicer. Unlike forbearance, loan modifications are a permanent solution.