When the coronavirus infiltrated the world, many people suffered to one degree or another. Some became sick, and others passed away. Many people lost their jobs from the pandemic, and a lot of people could not pay their bills as a result. If you suffered financially from COVID and are on the verge of losing your home, you might want to consider using a mortgage modification program to save your house. If you do not understand how this works, here are several vital things to know.
The Basics of a Mortgage Modification
The first thing you might want to learn is the basics of mortgage modifications. What is it, and how does it work? When you modify your mortgage, you keep your loan, but your lender changes the loan terms. The lender can change various things with your loan, such as the balance you owe and the interest rate. They can also change the payment amount and the loan duration. They might even remove a few late fees and some of the interest charges. The goal is to revise your mortgage loan to help you achieve two main goals:
- To help you catch up on the payments so you are not behind on it.
- To provide an affordable repayment plan for you.
The Required Proof
If you want to modify your loan due to the pandemic, your lender might require proof that the pandemic affected you. How did this affect you personally? Did you lose your job? Were you unable to work due to being sick? You can explain what happened when you apply for it and provide the necessary documentation to start the process.
How to Begin a Modification
To start the modification process, you must contact your lender. Next, the lender will help you determine if you meet the eligibility requirements for the modification. If you do, they will assist you with the application process. You will need to submit documents if the lender asks and comply with any requirements they have.
If you are interested in modifying your mortgage due to the coronavirus pandemic, contact a lender that offers COVID mortgage modifications, such as Save My Loan, LLC. The lender can help you determine if you meet the criteria to apply and walk you through the process. If they approve you for the loan modification program, you can save your home from foreclosure and have a more affordable mortgage loan to repay.Share