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loan modification

The process of changing the terms and conditions of a loan agreement by the issuer of the loan. This action may be initiated by the borrower or the lender. Loan modifications are typically requested by the borrower in order to lower their monthly payment or interest rate. If the loan modification is accepted by the lender and the borrower, the new terms and conditions supersede the previous contract. The lender has the ability to accept or deny a request for a loan modification after evaluating the borrower's application and financial history. Loan modifications may reduce the interest rate, but extend the duration of loan; these types of modifications may end up costing the borrower more money in the long run.

Related information about loan modification:
  1. Loan Modification Frequently Asked Questions - HUD
    A Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the ...
     
  2. Loan Modification, Mortgage Modification, Mortgage Restructuring ...
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  3. Mortgage modification - Wikipedia, the free encyclopedia
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  5. Obama's Loan Modification Plan: 7 Things You Need to Know - US ...
    Mar 4, 2009 ... The White House releases fresh details on its plan to save the housing market.
     
  6. Loan Modification Scam Alert
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  7. Making Home Affordable
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  8. Help for Homeowners – Loan Modification – Wells Fargo
    If a hardship has made it difficult to keep up with mortgage payments, a modification could make them more manageable.