The Mystery of Mortgage Modifications
Mortgage modification shouldn't be a mystery.
Generally, the banks input your financial data, primarily to verify the ratio of your income to your debt and determine the affordability of the payments that would amortize your loan at present rates.
The loan terms are then altered in a particular order to see if modest changes to the interest rate or principal balance will make an otherwise unaffordable loan affordable per federal guidelines.
If you want to find out if your financial circumstances entitle you to a lower payments, give us a call and we can run the numbers and give you a fair idea if you qualify for a reduced mortgage payment.
Give us a call today at (201) 529-8024.