Loan Modification - What is it?Loan modification is modification of existing terms of a home-owner's mortgage. A home loan modification is a modification requested on an existing home mortgage by the borrower for a reduction in
Loan Modification EligibilityLoan modification is hardship based and in order to apply for a loan modification, the borrower needs to demonstrate a hardship of some sort or the other. Depending on the nature and extent of the hardship, hardship loan modification is granted by the lender.Loan modification may also be attempted when a home-owner has an upside down mortgage and owes more than the home is worth.
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