Mortgage Modification: How to Make It Easier to Make Your Payments

Mortgage Modification: How to Make It Easier to Make Your Payments
  • Opening Intro -

    In recent years, millions of Americans have struggled with making their mortgage payments.

    Fortunately, there are a variety of programs available that can help, including a mortgage modification.


If your income has dropped or you recently experienced a financial hardship that left you unable to make your monthly loan payment, a mortgage modification may be able to help save your home from foreclosure.

What Is a Mortgage Modification?

A mortgage modification is a change to your loan that either reduces the interest rate or extends the amount of time you have to repay. It may also change the structure of your loan (for example, changing an adjustable rate to a fixed rate).

A mortgage modification may be given to you when you’re unable to make your monthly payments on time.

A common misconception about mortgage modification is that it reduces the amount of money you owe. In most cases, it may reduce the monthly payment but you will still pay back the same amount.

A lower interest rate may also make a difference in how much you pay, but it does not reduce the loan principal.

How to Get a Mortgage Modification

When you’re struggling to make payments on your loan, your first instinct might be to call your lender and ask for a modification. While this is a good idea and could get you closer to a modification, it’s also a good idea to prepare ahead of time.

Having your documentation and information organized will make the process smoother and more efficient. If you’re currently behind on payments, be sure to contact your lender as soon as possible.

Your lender will want documentation of the financial hardship you’re experiencing, so be prepared with that information. If you’re not yet behind on payments or you’re hoping to avoid getting behind, there are a few other steps you can take.

First, try to improve your credit score. Having a high credit score can make it easier to get a loan modification and will make the process go much more quickly. Make sure you’re paying all your regular bills on time and keeping your debt to a minimum. You can also try to increase your income if possible.

How to Make Your Payments While Waiting for Your Modification

While you’re waiting for your modification to be approved, you can try to make payments on your own or a payment plan with your lender. You can also try to negotiate with your lender to get a forbearance or deferment.

A payment plan will let you make monthly payments for a set amount of time until your full loan amount is paid off. It’s important to remember that a payment plan is not a modification. The lender is simply letting you pay off your loan at your own pace.

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A forbearance or deferment is where you temporarily stop making payments while you’re waiting for your modification to be approved. While you’re waiting for your modification to be approved, you might have trouble making your full monthly payment.

But by understanding your options and having a plan in place, you can make it through this challenging time without losing your home.

Final Remarks

If you’re struggling to make payments, it’s important to know your options and do what you can to make it through the tough times. A mortgage modification is a good solution for many people and can significantly reduce your monthly payments.

If you have fallen behind on your payments or are having trouble making them, don’t wait. Get help as soon as possible. The sooner you get assistance the sooner your lender can help you get on the right path again.

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