A Loan modification is a change in one or more terms of your loan that is permanent. It allow the loan to be modified into a payment you can afford. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development, otherwise known as HUD. They provide mortgage insurance to lenders who then offer mortgage loans to individuals and families in the United States.
Everyday thousands of people have trouble making their next mortgage payment. Even though things may seem hopeless, help is available. But don’t wait! You have to take that first step otherwise risk losing your home to foreclosure or negatively affecting your credit.
You can use services through HUD. They have approved housing counseling services available that are free. Additionally, make sure you open all the mail you receive from the lender and look for any way possible to increase the amount you can make on the mortgage.
Finally there are options that will help you keep your home. One of them is to modify your mortgage. A mortgage modification will change your loan to affordable le payments. Additionally any overdue payments may be added to your loan balance. The interest rate might be changed or the number of years you have to pay the loan could be extended. You should get a mortgage modification if lowering your monthly payments would help you to keep making them monthly.