The whole process of a mortgage modification loan from start to finish is
an attempt to try and get a new loan or the terms of the original loan
modified.
Below are the most common methods that the
bank will use to reduce your monthly payment:
- lower the
loan interest rate
- reduce the principal balance
- fix adjustable interest rates within the mortgage
- increase the loan term throughout the mortgage
- forgive payment defaults and fees
- or any combination of the above
If one of the above actions are taking by your mortgage loan modification
representative, then you will have succeeded in getting your mortgage
modification finalized. Once the loan modification is done then you
will have to sign the
