Keep the home
Loan modification
A modification changes one or more loan terms. It may address arrears, payment amount, interest, or term, but the offer depends on the loan owner, program, servicer, and your circumstances.
Review the interest rate, term, deferred balance, balloon or partial-claim amount, escrow, trial period, fees, and total cost.
Ask for the complete terms
- Is this a trial plan or a permanent modification?
- Where do missed amounts go, and when are they due?
- What happens if taxes or insurance change?
- What is the deadline to accept, and how should acceptance be delivered?
Before accepting
- Confirm the payment is sustainable after regular household costs.
- Ask a housing counselor to review the offer with you.
- Keep the complete offer, proof of acceptance, and proof of each trial payment.