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What is a Loan Modification?

Contact Us if you would like more information or if you have any questions about modifying your loan. Visit our Buyers Page or Sellers Page for more information about buying or selling your home or property.

What is a Loan Modification?A Loan Modification is a permanent change in one or more of the terms of a borrower's loan, allows the loan to be reinstated, and results in a payment the borrower can afford. While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit. Contact Us and we can help you to with this process.

Your lender may be willing to modify the terms of the loan, whether it's reducing the principal, lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package, the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.

To keep your options alive, you need to communicate with your lender. Many homeowners have lost their homes to foreclosure without ever contacting their lender. This would also be a good time to consult with a tax advisor and an Ascent Real Estate REALTOR®. Many of our agents are specifically trained to work with distressed properties and will be able to help you explore a short sale as a viable option.

We can help guide you through the process and act as a liaison between all the parties involved.