loan refinancing
A loan modification may make your mortgage payments more affordable and allow you ro remain in your home, especially if you do not qualify to refinance your mortgage.
- The Home Affordable Modification Program (HAMP) adjusts your mortgage terms (extending the loan term, lowering the interest rate or payment forbearance) until your monthly payment equals no more than 31 percent of your monthly gross income. HAMP was designed to assist homeowners in danger of default.
Loan modification
You may choose to refinance in order to lower your payments or interest rate. It can also be used to: consolidate your 1st and 2nd mortgages, extend or shorten the length of your mortgage, change lenders, or add or remove someone from your existing mortgage.
For more information, visit MakingHomeAffordable.gov
- If your property is worth less than what you owe, and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Refinance Program (HARP).
For more information, visit MakingHomeAffordable.gov
