Loan modifications have helped tens of thousands of Orlando homeowners to keep their homes in recent years. However, with Loan Modifications, you have to be aware of the fine print and know exactly what you’re getting yourself into.
Sometimes…terms of a loan mod are much worse than the original mortgage. They just try to sugar coat it to make it look good.
Here’s a recap of today’s episode. Hit the play button to get the full scoop!
5 things you should watch out for when negotiating a loan modification:
1-“Your lender’s in charge of the loan, which means they have the option of dropping all penalties against you. Don’t be bullied….. ”
2- “This may sound funny but it happens. Sometimes lenders try to get you to agree that if they lose the original loan docs, you must assist them in reproducing them….”
3- “Don’t agree to step by step rate increases or balloon payments…..”
4- “Don’t agree to payments you can’t afford. The whole purpose for doing a loan mod is….”
5- “Don’t agree to an interest rate that can automatically adjust based on an index over which… ”