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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
RealtorDonJohnson.com (636) 489-1439
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
RealtorDonJohnson.com (636) 489-1439
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.
RealtorDonJohnson.com (636) 489-1439
How does a How does a Loan Modification Loan Modification affect the parts?affect the parts?
RealtorDonJohnson.com (636) 489-1439
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)
RealtorDonJohnson.com (636) 489-1439
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
RealtorDonJohnson.com (636) 489-1439
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.
RealtorDonJohnson.com (636) 489-1439
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
RealtorDonJohnson.com (636) 489-1439
RealtorDonJohnson.com (636) 489-1439
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 !!!
RealtorDonJohnson.com (636) 489-1439
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
RealtorDonJohnson.com (636) 489-1439
Call Today … Call Today …
Don, Can Determine with Just a Few Questions if You Qualify For This Exciting
Loan Modification Program
(636) 489-1439
[email protected] (636) 489-1439
