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An overview of home loan modifications

For several years now people in Maryland and around the country have heard that the nation's economy is strong, showing great growth and rebound after the recession. That does not mean, however, that everyone in the country is living without financial concerns. In fact, many consumers today are facing serious debt problems despite a generally healthy economy. 

If you are one of these people and you own a home, you may be seeking information about how to stay or get current on your mortgage. One of options that may be available to you is a modification of your home loan. As explained by NerdWallet, this is not the same thing as a refinance in which you actually end up with an all-new mortgage. Instead, you retain your original mortgage but with amended terms. This might include a change in your interest rate or an extension of the mortgage duration. The purpose of a modification is to reduce your monthly payments so that you can avoid default and foreclosure by once again being current with your loan payments.

One home loan modification program, the Home Affordable Refinance Program, is active through the end of this year. Other programs may also be available to you depending on the nature of your situation. 

If you would like to learn more about home loan modifications and how seeking one might benefit you and your family, please feel free to visit the debt relief and home loan page of our Maryland mortgage modification and bankruptcy website.

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