Safe Hands Transfers is helping timeshares owners and people struggling with excessive loan payments while downsizing liabilities. Mortgage modification is a process by which an owner’s mortgage is modified outside the terms of the original contract agreed by the lender and borrower (i.e. timeshare developer and borrower).

In the normal progress of a mortgage; payments of principal and interest are made until the loan is completely paid off. Until the mortgage is paid, the lender holds the property and when the borrower sells the property prior to when the mortgage is paid-off, there is an unpaid balance of the mortgage which is remitted to the lender to release the lien on that specific property.

Modification is really any change to the mortgage agreement but as the term is used it refers a change in terms based upon either the specific inability of the borrower to remain in good standing with current payments as stated in the agreement or more generally government mandated to the lenders.

Loan Modification Types:

Mortgages are modified to the benefit of the borrower in one or more of the following ways:

        • Reduction in final payments on your timeshare
        • Reduction in the principal amount due to the lender
        • Reduction in fees or other late penalties
        • Reduction in interest or a change from a floating to a fixed rate
        • Lengthening out the term of the loan
        • Reducing the Monthly Payments

The person who is borrowing and interested in loan modification may be late, current, in bankruptcy, in default, or even in foreclosure at the time the application is filed. Many programs will vary according to the particular lender or property. All properties are different depending on the terms in the agreement and are based upon the lenders working with the borrower.

By the discretion of the lender modifications may be made. The lender is motivated to try and work with the borrower on better terms with the expectation that a borrower could be able to afford a smaller payment, and that a performing loan (i.e. in which payments are current) will hold value rather than a foreclosure sale.

All the programs are voluntary on the part of the lender, but may provide solutions for the borrower and incentives for the lender to assist the borrower.

How does the Loan Modification process work?

The Loan Modification process provides for either a permanent change in one or more of the terms of a mortgagor’s loan. Safe Hands Transfers has a separate department that specializes in loans that are behind or past due and results in a payment the mortgagor can afford. This site will give you helpful tips and hopefully answer your questions regarding mortgage loan modification process.