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Tag Archives: loan modification

4 Benefits and 3 Eligibility Criteria of HAMP

If you have gone upside down your mortgage, its high time that you check whether you’re eligible for qualifying for the federal home loan modification program. President Barack Obama has created a loan modification program and called it Home Affordable Modification Program (HAMP). This plan is worth $75 billion and will provide loan modification help [...]

Loan Modification (Definition)

The definition of a loan modification is as follows; A loan modification is defined as “the modification of an existing loan agreement between a borrower and a lender, whereby the lender agrees to either; lower the payment amounts by spreading the loan over a longer term, lowering the APR (annual percentage rate – interest), combining [...]