A Loan Modification Could Help
What is a loan modification Loans can be modified in various ways. For instance, the lender may lower the interest rate ; extend the length of the loan; or allow a homeowner to skip payments until he’s found a new job, adding those missed payments to the principal to pay later. The terms all depend on the homeowner’s specific circumstances, but the goal is ultimately the same: to provide financial relief for homeowners who are struggling to pay their mortgage. To get a loan modification, you’ll need to apply through your current mortgage lender, and you can start by filling out a Request for Mortgage Assistance form . Your lender will probably require the following documents: Your monthly mortgage statement Information about any other mortgages on your home For salaried employees or hourly wage earners, two recent pay stubs that reflect year-to-date income For self-employed homeowners, your most recent signed and dated quarterly or y...