THE LOAN MODIFICATION
WHAT IS A LOAN MODIFICATION?
The loan modification basically is
modifying your loan.
Value of the home
$185,000 What is owed
10 Payments behind
What is owed to bank in back payments
So now to bring this loan current you can
try a loan modification. You call the bank and tell them you have 6 or 7
payments and you want to do a loan modification. This means the bank
will put the other 3 or 4 payments on the end of the loan.
Let's say the
payments you owe are payments # 22, 23, 24, 25, 26, 27, 28, 29, 30, 31.
Remember, a 30 year loan has 360 payments...(read