Recently, I’ve been hearing many ads about loan modification programs being offered to Southern California residents. The one program that I’ve been hearing the most about is called HELP or Home Equity Leveling Program.
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Basically, home loan modification programs offer the homeowner a permanent change in one or more terms in the mortgage loan, whether it be interest rate, loan term, or even amount owed (in rare cases). The purpose of loan modification programs is to allow the homeowner to retain the house.

Typically when testing to see if a borrower is eligible for a loan modification, the loan modification company, or real estate lawyer will gather information to see if you qualify for a rate reduction and/or principal reduction. Once a borrower qualifies, it all comes down to negotiation and numbers to see if there are any feasible options that will allow the homeowner to stay in the home.