Many homeowners need a loan modification and if you are one of them, you should check out this handy modification calculator.
You just type in a few bits of information, such as your loan whole and income. The calculator will then figure out if you qualify for a loan modification and what your cost would be if you were to get it approved.
Mortgage Loan Modification Calculator - suspect Your New cost Today!
This loan modification calculator works off of the Obama mortgage plan guidelines (Ham Program). Under these guidelines, your monthly mortgage cost is capped off at 31% of your net monthly pre tax income. This is done by lowering your interest rate to as low as 2%, extending your terms and reducing your balance.
It goes in that order. If the monthly payments are under the 31% cap from reducing the interest rate alone, then that is all your lender will do. If not, they will expand your terms, commonly from 30 years to 40 years. A balance allowance is very unlikely since your monthly payments will likely be low adequate after the first two options are exercised.
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