Typically, a loan modification is the alteration of a mortgage so that a borrower may have a chance to keep his or her home. The most common example is a person who has an “Adjustable Rate Mortgage” (ARM) loan, or an interest only “teaser rate” loan, and can no longer afford their house. A borrower may contact the lender and ask for help in modifying the loan so that s/he can keep the house.
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#1 by JaneRadriges on 13/06/2009 - 10:50 am
Hi, gr8 post thanks for posting. Information is useful!
#2 by Heather Mortgage Modification on 18/08/2009 - 8:38 pm
This is great definition of loan modification. I really wish they would have had these around before my family lost their house when I was in my 20s. I was a pretty traumatic thing to go through. I know it could have saved some of my father’s dignity. I hope more people are able to save their homes this way.