Loan Modification 101 – Part 6 of 6

Hope you’ve been enjoyed the series on loan modifications. This is final (sixth) in a six part series on loan modifications written by Morgan Brown at Blown Mortgage. Please be aware that I can not help you with loan modifications. You should contact your loan servicer or a local mortgage company which specializes in loan modifications if you are seeking assistance. The Arizona Mortgage Team blog has information for those who are in the Phoenix, AZ market.

Part 6 of 6

Finalizing your loan modification

Congratulations! Your loan modification is almost done. Here are just a few tips to wrap up the process.

You’ll receive a loan modification packet from your bank that looks very similar to loan documents. Review them to ensure the following terms are what you agreed to:

  • Interest rate
  • Interest rate reset cap
  • Term of modification (how many years)
  • Monthly payment
  • Good faith payment due
  • New principal balance of your loan

If all of these are in good shape you’ll need to:

  • Sign the documents in the presence of a notary
  • File a copy for yourself
  • Wire good faith payment funds to the bank via the wiring instructions they provide (they will not accept a personal check)

Once that’s all done your loan modification is complete. Congratulations! You made it.

Stay tuned to this blog for more great real estate, mortgage and loan modification advice. Thanks for reading and please share this series with friends and family who may need this help.

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