This term is used constantly every day and its for a good reason.  With millions of family homes in crisis due to sky rocketing variable rates and without the opportunity to refinance, modifying your loan is the only valuable alternative to help these people.  The term is used when the bank modifies your loan, it’s your existing loan, but they just adjust the payment and the terms and conditions of the payment (the interest and the principal), with the objective of working with the client to make to make the payment lower.  Your bank can make modifications to the interest in your loan, the balance of the loan, the amount owed from past due payments, term length of the loan, etc.  It use to be that these resolutions where only available to people who where behind on there payments, but now we are seeing that it is also available to people who are current, and also own investment properties.

• A modification of a loan is a restructuring of the clients already existing loan, in which the terms of the payment will change, allowing the borrower start over again with a payment that is more affordable.  All delinquent payments will be made up to date. 
• If you modify, you will take the current loan and negotiate a change in the payment with the goal of creating a more affordable payment.  A change in terms of the loan will not require a new closing, legal costs, appraisal, or taxes.  On the other hand, if you refinance your property, you will in counter affiliate closing costs with this type of transaction.
• The banks are willing to negotiate when the borrowers are going through financial hardship and don’t have other financial alternatives.  The agents at HRC will show the bank why achieving a mutual agreement is beneficiary.  In a counter offer, the bank will lower the interest, modify the terms of payment, and will distribute to the borrower a loan with better terms to avoid foreclosure. 

**HRC negotiates both parts that conform a loan to achieve a modification of the financial terms variable and fixed according to the situation of every client.  The goal is for the borrower to be able to pay the new payment.  With the help of HRC and through our detailed financial analysis, our goal can become a reality.  Our clients accept loan terms that are convenient for them and will not have to worry about the foreclosure process again.