Should I Apply For A Loan Modification Even if I Received One in the Past?

Advice that was once good ten years ago may not necessarily be good advice today. This can be true about a lot of things, and it is definitely true about loan modifications. First, your servicer or the investor of your mortgage loan may have changed since you last applied for a loan modification. Second, the number of defaults and/or forbearances that occurred during the COVID-19 pandemic caused many banks to change their willingness to entertain a loan modification application. In some cases, an investor might be required to use principal forgiveness or deferred interest, to use a balloon payment or reamortization. At Resmodo, we can help you explore your options. Book a free consultation or call us today.