Make Your Mortgage More Affordable
A loan modification changes your repayment terms in order to make your payments more affordable. Your loan could be modified in several ways including lowering your monthly payments and/or establishing a fixed interest rate.
A modification may be your best option if:
- You would like to stay in your home but your payments have become unaffordable
- You have already missed a payment due to hardship
- You will not be able to make payments in the foreseeable future under the current terms of your loan
- You can afford to make a lower mortgage payment
How Does a Loan Modification Work?
A loan modification involves an evaluation of your mortgage and financial standing for the possibility of a lower payment. If you are unable to pay the total amount outstanding or your loan has matured, this may be an option. Your loan could be modified to:
- Extend the term
- Convert an adjustable rate mortgage to a fixed rate loan
- Amortize the monthly payment over a longer period
- Add the past due balance to the outstanding principal balance in order to bring the account current
You may be required to submit current financial information to determine whether you are eligible for this option.
In most cases, a Mortgage Assistance Application
may be the first step for Bayview to review your current financial situation when requesting help with your mortgage. Your Bayview representative will advise you if you need to complete this application.
Once you have completed the application, please use one of the five simple ways to return documents
For assistance completing the application, please use our Guide to the Mortgage Assistance Application
, or contact your Bayview representative.