Loan modifications in Connecticut
A loan modification is when a borrower who is having difficulty making their mortgage payments and maybe facing foreclosure, works with their lender to change the terms of their mortgage loan to make it more affordable. The workout plan varies by lender, but most modifications include one of the following:
- Temporary or permanent changes to the mortgage rate.
- Changes to the term of the loan ( up to as long as 40 years ).
- Making the loan a " balloon " type loan, where a hefty payment, often tens of thousands of dollars, is due at the end of the term of the loan.
None of these solutions address the problem at it's core - NEGATIVE EQUITY. Lowering your interest rate, changing the term and adding a balloon payment won't change the fact that you owe way more than your home is worth, and that it could be years before you get back to even. What happens if something goes wrong between now and then? You'll end up having to sell your still upside down home 3 years from now, when you could have already been well on the road to a financial recovery.
Contact me to learn more about a short sale today.
My team and I have successfully completed short sales in every county in Connecticut with the following lenders:
Bank of America, Countrywide, GMAC, Homecomings Financial, JP Morgan Chase, WAMU, Citi, Citimortgage, Wells Fargo, Wachovia, AHMSI, Indy Mac Mortgage Services, One West Bank, Ocwen, Specialized Loan Servicing (SLS), Carrington Mortgage Services, Provident Funding, Navy Federal Credit Union, Nationstar, Greentree, US Bank, SunTrust, Aurora Loan Services, CCO Mortgage, Midland Mortgage, FHA, VA, Fannie Mae, Freddie Mac, CHFA, CHIF, and HAFA.