Loan Modification » loan mods http://fdicloanmodification.info Informative blog about loan modification - No relation with any Government agency Sun, 14 Mar 2010 20:58:37 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 How does a Florida Loan Modification work and why is it so expensive? http://fdicloanmodification.info/fdic-loan-modifications/how-does-a-florida-loan-modification-work-and-why-is-it-so-expensive/42 http://fdicloanmodification.info/fdic-loan-modifications/how-does-a-florida-loan-modification-work-and-why-is-it-so-expensive/42#comments Wed, 03 Dec 2008 15:26:29 +0000 loanmodification http://fdicloanmodification.info/?p=42 If you are looking for a way to save your mortgage, but have found loan modifications to cost a lot of money, there are other options. The FDIC Loan Modification program is free of charge, and allows homeowners to adjust their mortgages to payment terms that are more acceptable.

How Does a Loan Modification Work?

A loan modification does not change the amount of money you owe, rather it changes your interest rate and/or over how long you will pay your loan amount.

When you extend the length of your loan, you increase the amount you owe due to interest.

By granting you a loan, your lender expects you to live up to your end of the deal and pay back their money and they are entitled to get it one way or another.

Often times, a loan modification can pay for itself simply because the payments are adjusted so that you can save your home, ie would you pay $5,000 to save your home from foreclosure?

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