What is a  Loan Modification?

Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage — such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
A modification may be an option if:

• You are ineligible to refinance
• You are facing a long-term hardship
• You are several months behind on your mortgage payments or likely to fall behind soon

What are the benefits?

• Resolve your delinquency status with your mortgage company
• May reduce your monthly mortgage payments to a more affordable amount
• Change the original terms of your mortgage permanently, giving you a new start
• Less damaging to your credit score than a foreclosure
• Stay in your home and avoid foreclosure

How does it work?

 A modification involves one or more of the following:

• Changing the mortgage loan type (e.g., changing an Adjustable Rate Mortgage to a Fixed-Rate Mortgage)
• Extending the term of the mortgage (e.g., from a 30-year term to a 40-year term)
• Reducing the interest rate
• Adding any past-due amounts, such as interest and escrow, to the unpaid principal balance, which is then reamortized over the new term

Take action

Contact us via the information below:

Jack H Tsai                 

BRE# 01759949             

Phone: (408)799-5979         
E-mail: jackhtsai@gmail.com   

Kevin Lin

BRE# 02091737

Phone: (408)568-6093
E-mail: linkevin369@gmail.com