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What Is Loan Modification

What Is Loan Modification. It is also important to know that modification programs may negatively impact your credit score. The goal of a mortgage.

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Loan modification is an option that lowers your monthly payments and shows your mortgage as current keeping you from receiving those phone calls about catching up on payments. Changing the duration of a loan. Based on your circumstances a loan modification may include one or more of the following.

That could include personal loans or student loans.

An interest rate reduction. A loan modification entails changes made to the terms of the loan itself usually reducing the interest rate or extending the length of the loan. Unlike a refinance a loan modification doesnt pay off your current mortgage and replace it with a new one. A home loan or mortgage modification is a relief plan for homeowners who are having difficulty affording their mortgage payments.