How Can I Get a Mortgage Modification? - The Law Office of Ronald D. Weiss, P.C.
Mortgage Modifications During COVID-19 Pre-COVID: Mortgage Modifications Agreements in General If you’re struggling to keep up with mortgage payments and are seeking ways to avoid foreclosure, there are a couple of ways that could offer the help you need. First, being a mortgage modification, which is a change to the repayment terms on your existing home loan that lowers your monthly payment so you can stay in your home and avoid foreclosure. A mortgage modification will reduce payments through any of several methods, including, reducing the interest rate, extending the repayment period, converting from an adjustable to a fixed interest rate, or refinancing. Strictly speaking, a mortgage refinance is not a modification because it creates a new loan agreement, rather than adjusting the existing one. However, lenders may sometimes suggest refinancing for borrowers who have significant assets they can use in a pinch to cover the loan. Who Can Get a Mortgage Modification? Eligibility req...