loan mod

Are you paying way to much for your Philadelphia mortgage? Have you been getting lots of mail, information, and ads about doing a loan mod? Loan mods might be a great way to reduce your monthly payments on your mortgage. Here’s how it works. Sometimes banks will allow you to modify the original terms of your mortgage. For example, if you are currently paying a 7% interest rate, they may allow you to negotiate a lower monthly interest rate so that you can reduce your payments. The banks might also change the terms of your mortgage, changing it from interest only to principal and interest or the other way around. The banks do this to help you avoid foreclosure.

Frequently we see that loan mods are for a set period of time. The unfortunate part of loan mods is that we often see that the people who need a loan mod do not qualify. If you have applied for a loan mod and were unsuccessful, a Philadelphia short sale might be the right alternative for you.

A Philadelphia Short sale allows you to sell your home for less than what is currently owed on your mortgage. If you would like more information on Philadelphia short sales or loan modifications, we can help.