This document allows for the borrower and the lender to amend and supplement the mortgage, Deed of Trust or Deed to Secure Debt concerning the real and personal property described in the document.
The timeline can vary, but usually, you’re looking at a few weeks to a couple of months. Patience is key, as lenders may have a lot of applications to work through.
A modification can have some impact on your credit, but it’s often less severe than a foreclosure. It’s all about keeping your home instead of losing it.
Typically, you’ll need to provide your lender with financial info, like your income and expenses. After reviewing your situation, they’ll let you know what changes can be made to your mortgage.
If you're struggling to make your mortgage payments, you may be eligible. Whether you’ve had a job loss, medical issues, or other financial hiccups, many homeowners in Seattle can seek a modification.