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A loan modification is when a borrower who is facing financial hardship, having difficulty making their mortgage payments and is facing foreclosure, works with their lender to change the terms of their mortgage to make it more affordable. The plan is different depending on the lender but the changes may include temporary or permanent changes to the mortgage rate, term and monthly payment of the loan, and/or the past due amount could be rolled into the loan and the new balance re-amortized.In 2009 the government introduced the Home Affordable Modification Program (HAMP) to help reduce the monthly payment of struggling homeowners. There are some requirements that must be met in order to qualify, but if you are struggling to make your mortgage payment and originated your loan prior to January 1, 2009 then the HAMP may be a good option for you. If you are thinking of looking into this program, here are some items that would be helpful for you to have ready before calling a lender.
  - Recent pay stub or documentation of income
   - Most recent tax return
   - Information regarding any assets you have
   - Information on any second mortgage on your home
   - Account balances and minimum monthly payment of all credit cards
   - Account balances and monthly payments on all other debts
      ( student loans, car loans, etc.)
   - A letter explaining the circumstances that caused your income
      to be reduced or expenses to be increased
Once you have some or all of these items, start shopping around and find lenders who support loan modifications and make sure to give yourself plenty of options. Unfortunately, RP Funding does not currently handle loan modifications. However, feel free to call us at (321) 397-4420 to get more information on different programs available to you so that you can make an informed decision.
  - Recent pay stub or documentation of income
   - Most recent tax return
   - Information regarding any assets you have
   - Information on any second mortgage on your home
   - Account balances and minimum monthly payment of all credit cards
   - Account balances and monthly payments on all other debts
      ( student loans, car loans, etc.)
   - A letter explaining the circumstances that caused your income
      to be reduced or expenses to be increased
Once you have some or all of these items, start shopping around and find lenders who support loan modifications and make sure to give yourself plenty of options. Unfortunately, RP Funding does not currently handle loan modifications. However, feel free to call us at (321) 397-4420 to get more information on different programs available to you so that you can make an informed decision.