A HOME LOAN MODIFICATION is a negotiated change made to an existing home loan by a home loan modification professional that effectively reduces the home loan payments to an amount that the home owner can better afford.
The payment is reduced to up to 31% of the home owner’s income to loan ratio, and so the program is therefore only really of any use to those home owners who have home loan payments that exceed 31% of their monthly income.
Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.
