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Can you modify terms of a mortgage?

A home is one of the most important assets that a person owns. Not only does a house have a lot of financial value, there is often significant emotional value associated with a family's home.

When you are facing financial challenges, it can be difficult to imagine losing your home. However, through a foreclosure, a mortgage lender can reclaim the property. Thankfully, there are often ways to stop foreclosure and get some debt relief.

One way to do this is by negotiating with a mortgage lender for a loan modification. By modifying the terms of a mortgage agreement, people may be able to negotiate more reasonable payments. With the payment reduction you may be able to make your payments and keep your home. The ability to negotiate a loan modification often depends on your mortgage lender.

According to U.S. Department of Housing and Urban Development, if you have a federally backed mortgage, then you may be able to ask for a loan modification. Certain people will qualify for a loan modification on their loans once within a 24 month period.

In order to determine if a person qualifies, a variety of factors will be considered. These factors include whether the family has had an increase in expenses or a decrease in income, whether a now receives continuous income -- like social security, child support or survivor's benefits -- instead of wages and the amount of the person's surplus income. The person must also complete a trial payment plan over three or four months in order to qualify for a loan modification.

If granted the loan modification can incorporate any fees accumulated in the foreclosure process, can adjust the interest rate and re-amortize payments over 360 months.

This blog post cannot provide specific advice about whether you qualify for debt relief when facing foreclosure. But, an attorney can explain your options when it comes to preventing foreclosure and getting debt relief.

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