Loan Modification Information
Sometimes a person’s financial circumstances can change, making it difficult if not impossible to make mortgage payments. When a person falls behind on their mortgage payments, or stops paying their mortgage completely, they are in danger of foreclosure, which means that they could lose their home. Simply put, a loan modification is a change to one or more terms of a mortgage. Changes may be made to the payment amount, the life of the loan, or the monthly payment amount. Loan modifications make it possible for Long Island homeowners to adjust the terms of their mortgages to meet their current financial situation, which may be significantly different from what it was when the mortgage was originally established.