ComproTax Talks!

What is a loan modification?
A loan modification is a fixed and permanent change to one or more terms of a mortgage, resulting in more favorable interest rate and payment requirements for the borrower.
Is it different from “refinancing”?
Yes, refinancing a home loan requires the expenditure of closing costs, appraisal fees, origination, documentation and other junk fees. [...]

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Obama’s Loan Modification program is giving hope to millions of homeowners who cannot afford their mortgage payments. This article describes how you can receive up to $5000 to help pay your mortgage.
How does it work?
The Pay For Success fund which is a portion of Obama’s loan modification program will reward homeowners who get a loan [...]

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When there’s just no way to continue paying on your current mortgage, and especially if refinancing is not an option, you need to get your loan modified. One of the first steps in the loan modification process is to draft a loan modification hardship letter to explain to your lender why you need it. The [...]

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The Obama administration launched what it calls the “Making Home Affordable” initiative today: a $75 billion loan modification program, which runs through 2012.

Here are the highlights:
• Mortgages for single-family properties that are worth more than $729,750 are excluded.
• Interest rates can be lowered to as low as 2 percent and then if necessary, the term [...]

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by Afiya Madzimoyo, ComproTax Affiliate, ATL
Loan Modification is probably the most effective tool you can use presently if paying your mortgage is a struggle. To prevent foreclosure, this is a viable option. With a loan modification, the loan is restructured to be affordable rather than being an overwhelming drain.
Loan modifications can lower your [...]

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