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Your home is central to your family life. So if you start struggling with your monthly mortgage payments, it’s natural that you might start worrying about what this could mean. Could you lose your home? What would happen to your family? Fortunately, you don’t need to lose hope. Lenders offer a service known as mortgage modification that can provide relief and help avoid foreclosure.
A mortgage modification is an agreement between you and your financial institution to modify the terms of your original loan. The modification may be permanent or temporary to assist in relieving financial hardship and help you keep your home.
Modifications can include:
Modifying a loan is different from refinancing. A refinance replaces your mortgage while a modification changes the terms of the mortgage you already have.
A mortgage modification can provide a number of benefits:
While there is no hard and fast list of requirements to qualify for mortgage modification across lenders, the following items may make you more likely to qualify if you apply for a mortgage modification due to financial hardship:
Please note that in some instances, mortgage modification may not be something you need to request. If you’ve become delinquent on payments, keep an eye out for communication from your lender as they may be trying to help you.
You may receive a call from someone claiming you can get instant relief from foreclosure. Or they may demand cash for mortgage counseling services. Always remember that if an offer seems too good to be true, it probably is. Hang up and dial your lender directly to verify the authenticity of the offer.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.