What Is Loan Modification Vs Refinance

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In the note sent to servicers, Fannie said that servicers must use the new interest rate for any mortgage loan modification evaluation conducted on or after May 14. When the program began in Jan. 2012.

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification or debt rescheduling

According to our internal auditor, we can use Change in Terms Agreement (or Modification Agreement) only if we make minor changes to a consumer loan (e.g. extend the term by 2 months). If we are changing the rate from variable to an ARM, extend the matirity by 1 year, term out a balloon, etc., we need to re-disclose and that means to refi.

 · Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A loan modification agreement is different from a forbearance agreement.

. homeowners who are at risk of defaulting on their mortgage or still owe far more on their loans than the properties are worth. The Home Affordable Modification Program and the Home Affordable.

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Two of the most common are refinancing and loan modification. But which is right for your situation? Refinancing Your loan. refinancing involves replacing your current loan with a new one. Most commonly refinancing will involve getting a loan with a different interest rate and term length, and is also called a rate and term refinance.

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Loan Modification vs Refinancing. With loan modification, however, the lender simply modifies the existing mortgage so that the payments are more affordable. Mortgage refinancing is a permanent solution for lowering one’s monthly mortgage payment, because it locks a lower interest rate for the remaining loan term.

The Flex Modification, which replaces the Home Affordable Modification Program (HAMP), is designed to assist homeowners, like you, with much needed payment relief. TIP: The earlier you apply for the Flex Modification, the greater the payment relief you may receive.

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