Loan Modification Help
This is a process through which a Homeowner's Mortgage is re-negotiated and altered so that both the Homeowner and his or her Lender are both bound by a new contract with newly negotiated terms that work for both of them. To qualify for a loan modification, there are two general requirements. First, a borrower is having difficulty paying their mortgage because of financial hardship. Second, a borrower's monthly mortgage payment is more than 31 percent of their gross (pre-taxed) monthly income.
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