thomas j sherwood law

The Law Office of Thomas J Sherwood answers questions about the Loan Modification process, who is eligible for a loan modification and how to choose a loan modification company. What is a loan modification? It doesn't matter if you call it a loan modification, mortgage modification or a payment restructuring, when all is said and done it’s when a borrower is behind on their mortgage payments because of some type of hardship or unforeseen circumstance and decides to work with their lender to change the terms of their mortgage loan. This could result in temporary or permanent changes to the mortgage rate, term and monthly payment amount.