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Can Mortgages Be Restructured Without Refinancing?

Can mortgages be restructured without refinancing? Can I get a loan modification by myself or do I need assistance? Can I have my mortgage redone for free?

A mortgage is a legal binding contract. You can not legally change a mortgage without refinancing the amount that is owed. To change a mortgage payment or lower the rate, you must pay off the old mortgage contract and start with the new terms on a new contract. When you apply for a loan modification you are still refinancing your home. You are refinancing it through your current lender, but you are still refinancing the loan. This does not mean that you will be refinancing for a higher amount of money or that you will receive any cash in the deal. A loan modification will simply take what you owe on your current mortgage, create a new loan at a lower interest rate and monthly payment based on what you owe, and pay off the old mortgage.

Can I get a loan modification by myself or do I need assistance?

You can apply for a loan modification by yourself by contacting your loan holder and requesting a package. You will receive a form that will have anywhere from 14 – 50 pages that you will need to complete in its entirety. You will be required to submit supporting documentation for everything that you list on the paperwork. If you do not feel that you are very good at processing paperwork, you may wish to seek the help of a professional. Loan modifications are only offered once during the life of a mortgage and can be denied. Do not risk being denied because you did not fill out the paperwork properly.

Can I have a mortgage redone for free?

When applying for a loan modification on your current mortgage you can do so at no cost. Each lender provides the application for free and there is no cost to apply. If you are applying to refinance through a bank or other lending institution, you will have the normal costs associated with preparing a mortgage.

Related posts:

1. How Are Mortgages Changing?
2. Do FHA Loans Insure 1st Or Second Mortgages?
3. How Can I Lower My Mortgage Payments Without Refinancing?
4. Can I Lower My Mortgage Interest Rate Without Refinancing?
5. What Is Home Equity Loan Refinancing?