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What is Loan Modification?

April 26, 2017Business Finance home loan Lender loan modification mortgage Obama refinancing

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What is Loan Modification?

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I hope this gives a little insight into what loan modification really is. Make sure you get help from someone who has experience in loan modifications. If you plan to use the government help look for a Hope Now Agency or a private agency that work with them.

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If you listen to the news, you probably heard about loan modification. But what exactly is a loan modification? It’s basically a contract renegotiation where the lender agrees to modify some conditions of your mortgage. Common changes include: extending the term of the loan, changing the monthly payments, changing the interest rate, etc. Usually, the goal is to make your monthly payments more affordable.

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A loan modification is a permanent change in one or more of the terms of your loan creating a brand new contract between you and your lender. We will work with the lender to create a new contract that will reinstate your loan and give you a fresh start by restoring your credit status.

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