Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I hear terms like Loan Modification, Loss Mitigation, and Loan Work Out. What does it mean?

April 26, 2017hear loan loan modification loss mitigation mean terms

0

Posted

I hear terms like Loan Modification, Loss Mitigation, and Loan Work Out. What does it mean?

1 Answer

0

Posted

What it means for you is — For years the government has been encouraging and even demanding that lenders offer opportunities for homeowners to change the terms and conditions of their loans so they can afford payments. Now that home prices are falling and banks are failing, lenders have much less reason to foreclose and more reason to work with you to modify your loan.