There are several ways to request loan modification assistance.
A loan modification is a readjustment of a mortgage that can:
- reduce the interest rate, temporarily or permanently
- extend the term of the loan to gain lower mortgage payments
- provide forbearance: placing unpaid principal, other on the backend of a mortgage
- reduce the principal balance of a mortgage (this is done rarely and most often as a last resort.)
MakingHomeAffordable.gov is an official program of the Departments of the Treasury & Housing and Urban Development and provides modification help.
To speak with an MHA counselor, call 1-888-995-4673.
To contact your lender directly for a modification, go here.
To request a Home Affordable Modification, go here.