Pennsylvania Loan Modification Summary is a document which outlines the details of a loan modification for a borrower in the state of Pennsylvania. It includes information on the terms of the loan, the amount of the loan, the interest rate, and the repayment plan. There are two main types of Pennsylvania Loan Modification Summary: Streamline Modifications and Traditional Modifications. Streamline Modifications offer a lower interest rate, longer repayment terms, and a lower monthly payment for the borrower. Traditional Modifications require more paperwork and negotiation, and offer a higher interest rate, shorter repayment terms, and a higher monthly payment. The goal of both types of modifications is to reduce the overall amount of debt owed by the borrower.
Pennsylvania Loan Modification Summary
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How to fill out Pennsylvania Loan Modification Summary?
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FAQ
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.
Most other negative information, including foreclosures, short sales, and loan modifications (if they're reported negatively), will remain on your credit report for seven years.
The modification is a type of loss mitigation. The modification can reduce your monthly payment to an amount you can afford. Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.
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.
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.
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.
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.