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  - Seller's Guide

- Avoid Foreclosure

- Loan Modification

- Short Sale

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What is a Loan Modification?

A Loan Modification is a permanent change in one or more of the terms of a borrower's loan, allows the loan to be reinstated, and results in a payment the borrower can afford.

While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit.

Your lender may be willing to modify the terms of the loan, whether it's reducing the principal, lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package, the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.

To keep your options alive, you need to communicate with your lender. Many homeowners have lost their homes to foreclosure without ever contacting their lender.

This would also be a good time to consult with a tax advisor and an Ascent Real Estate REALTOR®.   Many of our agents are specifically trained to work with distressed properties and will be able to help you explore a short sale as a viable option.

An experienced Ascent Real Estate REALTOR® can help guide you through the process and act as a liaison between all the parties involved.