Loan modifications have been popping up in record numbers since the subprime mortgage industry has caused a nationwide shakeup of the mortgage industry. A loan mod changes the existing mortgageā€™s terms without the need for a complete refinance. It is considered the best way for borrowers to work with an existing loan to avoid foreclosure and remain in their home.


In return, the lender agrees to not blemish the credit profile of the homeowner and in addition agrees to accept the declarations of the borrower with respect to his ability to make future mortgage payments in good faith. Homeowners who have undergone this process will do well to remember that this is a one time chance and it is crucial to remember that this may very well be the final chance to save homeownership for this consumer.

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It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting
"Hope For Home is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan."