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Loan Modification
05/15/24
If you don't qualify for a mortgage refinance, you may still be able to reduce your monthly payments. A loan modification is like a revised home loan; in most cases your lender adjusts the interest rate or the loan term (or both) to reduce your monthly payment.
When you ask for a loan modification, you'll need to provide a hardship letter (a letter stating why you need a modification), along with documents showing:
- Monthly gross income
- Your most recent tax return
- A breakdown showing your savings and other assets
- A breakdown showing your mortgage, second mortgages, credit card debt, and other loans
For more information about loan modifications, check out the Making Home Affordable website at www.makinghomeaffordable.gov.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.