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Loan Modification

If you have experienced a financial hardship that resulted in the inability to pay your mortgage payments, or you anticipate that you may have trouble paying your mortgage timely due to a change in your financial circumstances (e.g. divorce, death of a borrower, or a long-term disability), then a modification of your existing loan terms may be the appropriate option for you.

Modification terms will be determined based on a review of your financial information provided by you in your complete application for homeowners' assistance. The potential terms are set forth by the investor of your loan. They could include a possible rate reduction, an extension of the term of your loan, or even a principal deferment to reduce your total monthly payment to an affordable payment so that you can remain in your home.

There are some key eligibility factors for a loan modification. These may include:

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the ability to support the modified payment
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the property is a 1-4 unit property or manufactured home
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a verifiable hardship
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not a commercial property

All parties on the loan must agree to participate in the modification process. This may include providing their financial documentation if they co-signed on the loan, or simply signing the modification agreement if they were a signing party on the original Mortgage/Note. If you are concerned about your individual circumstances, please discuss with your Case Manager.

If you are deemed ineligible for a modification, you will receive a notice of the decision, along with the reason that the request for modification could not be approved. If you're not eligible for a modification, you may want to consider options that involve liquidating the property. Your Case Manager will walk you through this process so you understand completely all of your options so that you can make an informed decision as to what is the best choice for you.

Available modification options are specific to the type of loan you have. If you are not sure what type of loan you have, please call PHH Mortgage Customer Service at (800) 330-0423.

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