Loan modification programs are mostly required by those individuals who are in need of a flexible alternative for their ongoing loan. Sometimes due to various reasons a person would require to go in for loan modification programs.
These programs are generally useful for those who hold the ARM or adjustable rate mortgage.
Although not every borrower is eligible for the modification program, there are certain aspects of this program which becomes suitable for many. This program is designed in such a way that it has a fixed rate mortgage or FRM for five years in its introduction.
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Eligibility:
Many borrowers who require a change in their loan program may acquire this loan program. But the loan modification programs are especially designed for those borrowers who are currently having an adjustable rate mortgage. Since the interest rate of the adjustable rate mortgage increases with time many borrowers find it difficult to pay their loan dues. Thus they would require a change or modification in their current loan program and may take up the loan modification programs. Some of the basic criterions which are required for being eligible for this loan include:
o The structure of the loan must be originated within the current financial year
o The primary rate of interest of the loan program must be reset within the current financial year
o The primary rate of interest for the fixed rate mortgage has to be for three years. It may also have a greater fixed period.
o Before taking up the loan program the borrower must occupy his property or house as his primary residence.
o The borrower must have a good credit record and overall good financial records
o The borrower has to have a fixed regular income
People who would meet all these criterions would be eligible for the loan modification programs. While they wish to change or modify the loan the borrowers must consult a good and experienced loan consultant for the best advice. There are various loan service providers who have experienced consultants.
There can be various reasons which influence the borrowers to take up the programs. Some of the basic reasons may include:
o To lowers down the rate of interest of the current loan program
o To forgive any missed loan payments in the current loan
o To forgive a part of the current loan program and start afresh with a new and modified loan
o To make the loan dues smaller in regards to the current loan
o Payments which are missed in the current loan will be added to the modified principal
Loan modification programs help borrowers to avoid foreclosures which can bring down the credit ratings of the borrowers. This will also bring down the eligibility of the borrower for further loans. Good loan programs definitely help the borrowers to improve their credit ratings and eligibility.
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