Loan Modification Mortgage

Loan modification mortgage is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage. The most common loan modifications are listed below:

• lowering the mortgage interest rate
• reducing the mortgage principal balance
• fixing adjustable interest rates within the mortgage
• increasing the loan term throughout the mortgage
• forgiveness of payment defaults and fees
• or any combination of the above

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