Loan modification
is not new and has been around for many years. What exactly is loan
modification? A loan modification is when the lender modifies your
current mortgage in order to work with you because of a hardship. The
purpose is to help make your loan more affordable. Usually it is in the
form of a rate reduction and fixing the rate for a certain amount of
time. In the past this was only used when a borrower was delinquent and
suffered a hardship such as a job loss, divorce, illness etc. Now,
borrowers can obtain mortgage help from their lender
for unaffordable rate adjustments on adjustable rate mortgages. The
earlier you get started, the better your chances are of negotiating a
fixed rate
...
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