Understanding What Exactly is a Loan Modification?
A loan modification program is the changing of the terms of an existing mortgage loan due to the inability of the borrower not making payments at the agreed upon time frame, or because the property is worth less than the homeowner owes. Generally, it means that the homeowner has taken out a loan to purchase a home but is not able to make payments in accordance to the agreed schedule determined at the time of applying for the loan.
When a homeowner falls behind on the payments, the
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