Your Questions About Home Loan Modification

Laura asks…

What’s the difference between home loan modification and mortgage refinancing?

home loan modification vs mortgage refinancing, are they the same thing?

John answers:

A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can’t then you don’t and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification

Maria asks…

how can i get approve with the DRE to due home loan modification?

how can i get approve with the DRE to due home loan modification

John answers:

Please get in touch with Housing and Urban Development (HUD). This is a non-profit organization that offers financial counseling for free. They will help you in this matter.

Paul asks…

Will having a home modification loan affect my financial aid?

My mother is applying for a home modification loan and it looks like she’ll be approved, if she is approved will this affect how much financial aid i receive?

John answers:

No at all !
Every thinkg is going in it’s own way, aid is aid and loan is loan !
To know better about procedures and impact on your financial life please refer to : ; you will know better and get help to finish your Modification procedures. Happy New year 2010

Donna asks…

how long does home modification loan last for unemployed people?


so if you are unemployed and u have a home modification loan. how long do you think will it last?

so for example:

-u are unemployed
-hve a home modification loan (reduction in home payment)

how long do u get this for?

another question:

wat happens if ur uneployment benefits are over and hve no job……….how long do u get to keep the house?

John answers:

3-6 months.

George asks…

What are usual terms for a home loan modification?

Do they convert a ARM loan to fixed? Do they just lengthen the term of the existing loan? Does the home owner have any choices on terms?

John answers:

You are offered terms, you take them or your leave them,

Terms will usually be fixed, at a normal rate, not your previous ARM rate.

Sometimes they will lengthen the loan to 40 years to prevent too much loss for the bank.

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