Loan Modification Resource Page

Find everything you need to know about loan modifications on one page. Below you will find links to articles, government assistance and free mortgage help.

What is a loan modification?

A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more affordable. You can obtain a modification from your lender for financial hardships, loss of income, unaffordable rate adjustments on adjustable-rate and subprime mortgage products etc. The earlier the you address the issue, the better the chances are of negotiating a fixed-rate and a payment that is manageable.


 

Mortgage Settlement Deadline for Homeowners Has Ended

In 2012, the U.S. Department of Justice (USDOJ) and a coalition state attorney generals reached a national billion dollar settlement with banks such as Bank of America, Citibank, and JP Morgan Chase which was related to mortgage loan servicing and foreclosure abuse.... read more

Hope Now Reports 34,000 Loan Modifications in November 2015

The alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants known as HOPE NOW, reported yesterday that an estimated 39,000 homeowners received loan modifications, and 28,000 foreclosure sales were recorded during... read more

Mortgage Delinquencies Spike in November 2014

Black Knight Financial Services, the nationwide mortgages services, data and analytics firm for lenders and servicers, released its November Mortgage Monitor Report showing nearly a 12% spike in the home loan delinquency rate which was the largest leap in... read more

Should bankruptcy judges reduce mortgage principal balances?

(Source: OC Housing News) – Ever since the Great Housing Bubble began to deflate, everyone incorrectly identified foreclosure as a problem because foreclosure pushes people out of the house the bank bought for them. The real problem is not foreclosure; the real... read more

Wells Fargo Launches Private Student Loan Modification Program

Program will assist financially distressed private student loan customers (Source: Wells Fargo) SAN FRANCISCO – As the nation’s largest private student lender among U.S. banks, Wells Fargo today announced its new private student loan modification program (PSLM)... read more

Fitch: CMBS Losses on A/B Loan Modifications Likely to Rise

(Source: Fitch) – According to a new report by Fitch, loss severities on A/B loan modifications liquidated to date have been low, but this trend may change in the near future for many CMBS trusts. A/B note modifications are loan workouts that modify these CMBS... read more
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