Loan Modification
1.0 | Alan Haft | Finance

Release Date: 06/08/2009

Today’s economic times have proven to be troubling for many individuals. More often than not, a person is finding themselves facing the difficult question of how or even if they can afford their mortgage payment. If you are one of those individuals, you do have options, one of them being something called a "loan modification."

By definition, a loan modification is a permanent change to the terms of your loan, which allows the payments to become more affordable. While a loan modification may sound like a simple process, it’s important to understand there are various pros and cons that need to be considered. The purpose of this application is to help you understand if and how a loan modification can help save your home and if it’s even something you should consider.

To evaluate what a loan modification might do for the homeowner, provided are several important calculators:

1) Determining Your Debt To Income Ratio
2) Effects of Reducing Your Principal Balance
3) Effects of Reducing Your Interest Rate
4) Effects of Adding Years To Your Loan

Furthermore, this application will help guide you to doing your own loan modification or if you need the assistance of others, how to go about it and what to watch for.

It can be a long road to completing a loan modification. That said, many cases these days can end with a more affordable mortgage payment and help you get current, which is where most people obviously want to be. The calculators and resources within this very helpful application will outline various scenarios to help you better understand the process, what the outcome might be and things to watch for when doing a loan modification by yourself or with the assistance of a third party.

TAGS: calculators, mortgage payment, economic times, scenarios, interest rate, third party, pros and cons, loan modification, debt to income ratio, affordable mortgage, permanent change, principal balance

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