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Colorado Loan Modification

A Loan Modification is when the lender changes one or more of the terms of your existing mortgage in order to make the payment more affordable for you. This is done for many reasons. There are no closing costs with a loan modification which makes it a great alternative for home owners who owe more than the value of their home.

Loan modifications are a way for lenders to help home owners who are currently behind or soon will become behind on their mortgage by modifying the existing terms of the mortgage notes.

There are many ways that a lender can modify the terms of your existing mortgage note in order to help lower your monthly mortgage payment. Some of the most commonly modified aspects of a mortgage include:

  • Lowering the interest rate
  • Extending the term of the loan
  • Reducing the principle balance of the mortgage
  • Putting late payments onto the back of the loan
  • Putting late taxes or insurance premiums onto the back of the loan

The key to getting a Colorado Loan Modification accepted by your lender is to present a strong loan modification package to them. Items to include:

  • A fully completed and optimal financial statement (if you show too much surplus monthly the lender will decline the modification. If you try to make yourself look destitute the lender will again decline the modification. You must strike a perfect balance and show the lender that decreasing your mortgage payment is the best option they have)
  • A concise and clearly explained hardship letter
  • Bank statements
  • Paychecks 
First Choice Mortgage Company can assist Colorado homeowners who are behind on their mortgage or soon will be behind with our professional mortgage experience. We know how to complete the financial statements and provide a proper hardship letter that will give you the maximum chance to obtain a Colorado Loan Modification that can save you hundreds or even thousands of dollars monthly. 
 
Please fill out the quick application form to your right to get started today!