How is a loan modification different from a refinance?
A refinance requires equity, and an excellent credit score. If you are in the Phoenix Metro Area, you probably do not have any equity. You would be getting a new loan, so all of the general requirements would apply: Income, credit, etc.
With a loan modification, you are simply renegotiating the terms of your current note. You are not getting a new loan, and you are not changing lenders. You are simply trying to get a new interest rate, term, and principal balance.
If you can not qualify for a refinance, give us a call. A loan modification may be your best bet. We can have a no-cost consultation to see if your situation fits for a loan modification. (480) 389-5199
Keller Williams Arizona Realty