If you are a troubled homeowner who is finding it difficult to make your monthly
mortgage payments, then you can go for loan modification. Loan modification is a
revision of the terms and conditions prevailing in your mortgage loan. You can easily
pay off your mortgage if you modify your loan. Have a look at the reasons for modifying
•Lowers the interest rates: If you are not being able to arrange the monthly
payments on your mortgage, then you can enjoy lower monthly payments with a
loan modification. A loan modification will lower the interest rates on your loan
and thereby reduce your monthly payments. This will help you to pay off your
•Extends the term of the loan: You can also extend the term of the loan. You
may have taken a 15 year term mortgage loan. But now you may be going through
a financial crunch. In such a situation modify your loan to a 30 year term loan.
An extension in the term of the loan will ensure lower monthly payments.
•Thus, if you are a financially stressed homeowner not being able to pay off your
mortgage, go for a loan modification. Pay back your mortgage in affordable monthly
payments by modifying it.