What Is a Loan Modification Specialist?
A loan modification specialist is a legal representative that speaks to lenders on your behalf to make a mortgage more affordable. The specialist can set up an arrangement similar to a refinance but instead of a new mortgage, the current mortgage is modified to be more affordable.
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Process
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Loan modification can also be referred to as mortgage modification. A loan modification specialist will take an existing mortgage or loan and apply to have it modified on behalf of the their client. One of the arrangements applied for is to have monthly payments and interest lowered and therefore more affordable for the homeowner.
Benefits
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Lenders usually will not speak to clients about modifying their loans. A loan modification specialist has the necessary documentation and knows how to negotiate with lenders.
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History
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Loan modification specialists became popular in the recession that began in 2008. The U.S. Department of Housing and Urban Development (HUD) assisted in matching homeowners with specialists to avoid foreclosures.
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