What is a Loan Modification?

According to the U.S. Department of Housing and Urban Development a loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, which allows a loan to be reinstated and results in a payment the mortgagor can afford. I’ts essential that in uncertain times the market take advantage of any measures put in place to protect consumers.

Because a loan modification is designed to help struggling homeowners keep their homes certain requirements are mandated.

A loan modification:

  • must result in a fixed rate loan
  • must fully reinstate the loan
  • must include all unpaid past due payments
  • must waive any unpaid late fees
  • may result in a permanent change of interest rate
  • may extend the loan term

Can The St. Louis Mortgage Market Benefit?

This program has largely under-achieved and can place the borrower at a worse financial position than was the case prior to the modification. Please feel free to contact me, as your representative for a free consultation in regards to the process to find out if there is a better way to achieve your goals. You can reach me at (314) 496-9506 (cell) or F&B Financial Group at (314) 567-9795, ext. 107.

We are not presently accepting loan modification applications but suggest contacting your present lender for information regarding the modification or adjustment of your present loan. We strongly suggest contacting one of our representatives prior to engaging your current lender.

Additional Loan Modification Resources

Application Options

I offer a variety of loan application options, including a Quick Application, a Standard Application, and a 5 Step Application.

Click here to get started!

  • St. Louis Mortgage News

  • Testimonials

    Working with Matt Scott and F&B was seamless. He was there throughout the entire process to answer any questions we had and was happy to explain anything that we didn't understand. I would 100% recommend using them for a home loan based on the experience we had. Not only did we close on time, but the seller of the property we purchased from needed to close 10 days earlier than we had originally agreed on due to his deployment for the army, and Matt and his co-workers at F&B got everything finished for the new deadline without adding any stress on my wife and I. Thank you so much Matt!

    Kyle Smith

  • Current Rates

    Rates change daily and fees will vary. Please call F&B Financial Group at (314) 567-9795, ext. 107 for your personalized quote.

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