Before opting for any mortgage modification, it is necessary to consider mortgage modification pro’s and con’s. The biggest advantage of mortgage modification is that it is possible to reduce equated monthly installments (EMI) with it. Because of this reduction of EMI, outflows from the borrower’s monthly income can be brought down. As a result, the borrower may find it easier to manage his finances. A mortgage is deemed as modified when lenders and borrowers mutually change the terms and conditions of the original mortgage. It is primarily the lender who has to agree to the revised terms and conditions under
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