Mortgage Modification Can Help You Save Your Home...
Florida is one of the states most seriously affected by the current foreclosure crisis prevalent across the USA . What is more, in South Florida alone, nearly 50 percent of mortgages are upside down , that is, the borrower owes more than the property is worth — probably due in part to the levels reached by the pre-crash housing bubble in Florida . If you are among the many Florida residents who are struggling to save their homes, a mortgage modification program could be the rescue package you are looking for. What Is Mortgage Modification? A mortgage modification, or loan modification , is a plan by which your lender works with you to make a number of changes to the terms of your mortgage , in order to make it more affordable. For example, the lender can reduce your interest rate, or allow you to change from a variable term to a fixed term rate. The lender could also extend the term of the loan, or even reduce the principal balance . Sometimes your monthly payment mig...