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TimeValue Software Blog

Modification, Restructuring, Forbearance on a Loan

By Martel Pellerin

Modifications and forbearance are hot terms in finance today. Modification is changing the terms on the loan. Forbearance is an agreement where the lender delays their right to exercise foreclosure if the borrower can either catch up to their payment schedule by a certain time or agree to extend the term of the loan.

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Bi-Weekly vs Half Month Mortgage Payments

By Martel Pellerin

Occasionally a customer asks whether making half monthly payments instead of monthly payments will pay off their mortgage quicker.  The answer is no.   Let’s assume a 30-year loan. You will only save part of one month’s interest over the 30 years so it is probably not worth it and this is assuming that your bank will process your partial half month payments timely.

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