The Payment Reduction Estimator helps you determine any benefit you may receive by seeking to save your home from a foreclosure or trustee sale through a loan modification. Most modifications will lower your mortgage payment to 31% of your combined household’s gross monthly income (before taxes and any other deductions). The actual reduction in monthly payment you may receive in a loan modification will vary depending upon eligibility and a variety of other factors. As such, any results returned by this Payment Reduction Estimator should be understood as an estimate of what your lender might typically reduce your monthly payment to based on a target front end (1st Mortgage debt to income) ratio of 31%. It is important that you provide accurate information in order to receive more realistic results
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Payment Reduction Estimator
