Showing posts with label loss mitigation. Show all posts
Showing posts with label loss mitigation. Show all posts
We Answer Your Tough Loan Modification Questions
In simplest terms, a loan modification restructures the terms of a loan without actually refinancing the property it secures. Investopia defines a loan modification as an agreement between the lender and the borrower which stipulates a long term relief from untenable loan terms. Modification of a loan applies to the terms governing the interest rate, the amount of the monthly payment, and in some cases also the length of the loan.
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