Mortgage Adjustment
The purpose of a modification is to help loans more affordable, in some case it can be a rate and/or payment reduction for a fixed number of years and in others it can be for the remainder of the loan.

For many years Loan Modifications were only granted when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now, borrowers can obtain mortgage help from their lender no only because they have experienced a hardship but also if they have experienced an unaffordable rate adjustments on an adjustable rate mortgages. In some cases just being in a “bad mortgage” can be reason enough for you to negotiate better terms.

The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage. If you can afford your home and not just your loan, then you may be eligible for a loan modification.