Loan Modification

 

What is a loan modification?
A loan modification is a change of one or more terms of your loan to address a change in personal or market condition. You may have the rate, term or payment date modified to assist you in remaining current. This is a longer term solution designed to make the loan fit within a changed permanent condition.

 

Why is loan modification good for me?
It makes the loan fit your new priorities or situation.

 

Why is the loan modification good for the bank?
It keeps the loan performing, it reduces the instance of foreclosure and saves all of the costs and expenses incurred in taking back a loan.