Can I modify my loan to lower payments?

Your lender is under no obligation to modify the terms of your loan so you may have to refinance if you want to lower your payment. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

Modifications were designed to assist borrowers hit with financial issues that prevent them from continuing to make their payments timely, and not be eligible for a refinance. They were never intended to circumvent refinancing options. You are facing several hurdles. First, the lenders are likely to say no. Second, a modification is deemed a negative event. To be eligible for another loan in the future, you will have to jump through several hoops to prove you are credit worthy again, and finally, if you are not currently experiencing a financial crisis and attempt to get a modification which requires one, you would be committing mortgage fraud. Unless you are truly suffering a financial crisis, my advice would be to not apply for a modification. The risk of losing your home and being provided government housing with steel bars is not worth it. ~Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.LoansA2z.com 480-889-9000 - OR - 480-695-9300.