A Standard Modification is a straightforward solution for homeowners facing financial difficulties but who do not want to risk losing their home. At American Mortgage Help, we offer expert assistance in obtaining a standard loan modification, which can help reduce your monthly mortgage payments and make them more manageable.
What is a Standard Modification? A standard modification is a process where the terms of your existing mortgage are changed, typically by reducing the interest rate, extending the loan term, or other adjustments that make the monthly payment more affordable. Unlike government programs like HAMP (Home Affordable Modification Program), a standard modification is usually arranged directly between the borrower and the lender.
How Does Standard Modification Help?
- Lower Interest Rates: Reducing your interest rate can have a significant impact on your monthly mortgage payment, making it more affordable.
- Loan Term Extension: By extending the loan term, you can lower your monthly payment amount, making it easier to keep up with payments.
- Principal Forbearance: In some cases, the lender may allow forbearance on part of the principal balance, which means you won’t have to pay it immediately, helping reduce your overall payment.
Why Choose a Standard Modification? A standard modification is best suited for homeowners who are struggling to make their mortgage payments due to financial hardships but wish to avoid foreclosure. It’s a great option if you’ve fallen behind on payments but have the ability to eventually repay the restructured loan.
American Mortgage Help will guide you through the process of applying for a standard modification, handling all the necessary paperwork, and negotiating with your lender to secure more affordable terms. We aim to help you stay in your home and regain financial stability.
