Loan Modification in St Charles County

transcript

RealtorDonJohnson.com

What is a Loan Modification?What is a Loan Modification?

The “nickname” is “Loan MOD”

(So if you hear that it means the same thing)

(636) 489-1439

Loan Modification:Loan Modification:

Procedure where by a Procedure where by a loan’s payment plan is loan’s payment plan is

changed due to a changed due to a hardship of the hardship of the

borrowerborrower

RealtorDonJohnson.com (636) 489-1439

A payment plan consists A payment plan consists of several parts:of several parts:

•TermTerm•Interest RateInterest Rate•PrincipalPrincipal

The The TermTerm is the length of is the length of time you make payments.time you make payments.

(AKA amortization (AKA amortization schedule)schedule)

Typically that Typically that is is

30 years30 years

Interest is the Rate you Interest is the Rate you pay on the borrowed pay on the borrowed

amount.amount.Loans are set up with either an Adjustable Rate or Fixed Rate

And some are a combination of both.

The Principal is the The Principal is the amount you borrowed.amount you borrowed.

In some cases this may be adjusted also.

How does a How does a Loan Modification Loan Modification affect the parts?affect the parts?

Affects on Interest RateAffects on Interest Rate

Your rate will be lowered.

And if you have an Adjustable rate it can be switched to a Fixed Rate

(In some cases to as low as 3-4% fixed)

Affects on the TermAffects on the Term

The term will be adjusted to reduce the payments.

This is accomplished by changing how long you

make payments which can be changed to 40 years

Principal (amount you Principal (amount you owe)owe)

Principal in some rare cases can be lowered.

Sometimes if you have missed payments and have penalties,

that amount will be added on to the end of your loan amount instead of

paying it now.

By Making Changes to By Making Changes to Each Area Your Payment Each Area Your Payment can be Adjusted so that can be Adjusted so that

you CAN afford to stay in you CAN afford to stay in your home.your home.

These changes can add These changes can add up to up to several hundredsseveral hundreds of $dollars$ per monthof $dollars$ per month

Don Johnson Can Help Don Johnson Can Help You!You!

Don understands exactly what you are going through.

He has been working with homeowners just like you for

many years.

He Knows that Good People have Been Caught Up In The Housing

Mess Through NO Fault of Their Own.

(636) 489-1439RealtorDonJohnson.com

Don’s Guarantee…Don’s Guarantee…

He Will Give You a Refund If We Can’t

Get Your Loan Modified !!!

Let’s See If You QualifyLet’s See If You Qualify

Call TodayTo See if You Qualify to

Reduce Your Payment by HUNDREDs of Dollars

per Month

Call Today … Call Today …

Don, Can Determine with Just a Few Questions if You Qualify For This Exciting

Loan Modification Program

(636) 489-1439

don@realtordonjohnson.comRealtorDonJohnson.com (636) 489-1439

Loan Modification in St Charles County

Economy & Finance