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      • Loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three. Such changes usually are made because the borrower is unable to repay the original loan.
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      Loan Modification: Overview, Government Programs, Application

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  3. www.investopedia.com › terms › lLoan Modification: Overview, Government Programs, Application

    Nov 1, 2023 · Loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time...

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  4. www.forbes.com › mortgages › mortgage-modificationWhat Is A Loan Modification? Consider These 6 Options ...

    May 19, 2022 · A home loan or mortgage modification is a relief plan for homeowners who are having difficulty affording their mortgage payments. Borrowers who qualify for loan...

  5. money.usnews.com › what-is-loan-modificationShould You Get a Mortgage Loan Modification? - U.S. News

    Aug 21, 2023 · What Is a Loan Modification? A mortgage loan modification is a change to the terms of a home loan. The purpose is to make your payments affordable again so you can...

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  7. www.businessinsider.com › loan-modificationMortgage Loan Modification: Definition, How to Get One, Pros ...

    Nov 17, 2022 · A loan modification is an agreement between a borrower and a lender to permanently change the terms of a mortgage. You'll need to prove financial hardship in order...

  8. www.consumerfinance.gov › ask-cfpb › what-is-aWhat is a mortgage loan modification? | Consumer Financial ...

    Sep 4, 2020 · A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation. Tip. Carefully consider what kind of modification best addresses your needs. If you receive a loan modification and you still can’t make the payments, you may lose your home.

  9. www.fool.com › what-is-mortgage-loan-modificationWhat Is Mortgage Loan Modification? | The Motley Fool

    Feb 23, 2023 · Unlike refinancing, which essentially replaces your current mortgage with a new one, a mortgage loan modification changes the terms of your existing loan. Mortgage loan...

  10. www.thebalancemoney.com › what-is-a-loanWhat Is a Loan Modification? - The Balance

    Jan 19, 2023 · Definition. A loan modification is a change to your current home loan, whether that’s changing the length of repayment, interest rate, or other terms. Key Takeaways. If you’re struggling to pay your mortgage, a loan modification changes your existing loan terms to something more manageable.

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