Loan Modification:
A loan modification is a loss mitigation tool used by lenders to salvage nonperforming mortgage agreements by adjusting one or more of the terms in the mortgage agreement in a way that wil increase the likliness that the mortgage will be paid.
Homeowners who need to stop foreclosure or who are having mortgage trouble will often ask their lender for a loan modification. Homeowners have found that loan modification is a way to stop foreclosure and also a way to lower monthly mortgage payments or even the mortgage principle. This is why loan modification has become the most popular foreclosure alternative amongst American Homeowners.
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