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Home » SunTrust Bank » Loan Modification |
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SunTrust Loan Modification |
SunTrust Loan Modification can be defined as a permanent change in the term of a mortgage loan that allows the borrowers to get a more affordable repayment schedule that enables them to avoid defaults and late payments. In a loan modification program, the past due interest as well as the escrow are added in the new unpaid principal balance and it is re-amortized for the remaining period of the loan term. If you are falling short on your monthly mortgage payments due to some financial hardship then you may qualify for a loan modification program through SunTrust Bank.
The mortgage modification plan is specially designed to avoid foreclosures by making the repayment terms more affordable for the homeowners who are finding it hard to make their timely repayments. SunTrust Mortgage Inc strongly supports the Making Home Affordable Program that includes Freddie Mac Relief Refinance Programs and the Fannie Mae DU Refi Plus programs. If you are looking for a mortgage negotiation then contact with a mortgage loan officer working with SunTrust to determine which program will suit you better. To make your loan modification success, authentic information to prove your financial hardship is essential.
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With a mortgage modification program homeowners can get a number of benefits that allow them to make a fresh start on managing their mortgage repayments. It updates the mortgage account of the homeowners immediately when the modification is accepted. On the other hand, SunTrust Bank offers refinance terms to those homeowners who are current with their mortgage repayment, but may have some problems in repaying the loan in future. These programs usually provide higher loan to value ratio compared to the previous loan. Moreover, refinance program will have more affordable interest rates compared to the existing mortgage term.
Making Home Affordable Program is backed by the federal government and it is comprised of two components namely, Home Affordable Refinance Program and Home Affordable Modification Program. You should decide whether you will be able to qualify for the modification or the refinance program. To begin with, you can get an overview of the above programs by visiting www.makinghomeaffordable.gov/. For more comprehensive details on loan modification forms you can logon to the website of the bank.
Website: http://www.suntrustmortgage.com/loanofficer.asp?financialstability
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