Mortgage modification is a process where the terms of the mortgage are changed outside of the original agreement made by the borrower and lender. Technically speaking, any change to the mortgage terms is a modification. A loan modification will typically result in the change to the loan's monthly payment, interest rate, term or outstanding principal. This is usually done when the borrower has the inability to stay current with the payments.
Loan modification is very difficult to achieve. Most banks are adamant in allowing debtors modification request and even the few who succeed have a rough time executing it. To ease the process, there are a number of steps that can be followed to ensure success. It is important to follow through to the last letter to increase success rates.
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Posted at 7:55 AM | by
devil
