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mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, it allows the loan to be reinstated, and results in a payment the mortgagor can afford. A modification is made to an existing loan by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender may be open to modifying a loan because the cost of doing so is less than the cost of default.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi mtgfixit ,

Welcome to our forum.

Thanks for the giving this important information to our forum.

I hope you will be informed to us on our forum.

Thanks & regards.

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