Financing in 04346>Question Details

Gordon Bryant, Home Seller in 04986

what is a loan modifacation?

Asked by Gordon Bryant, 04986 Thu Nov 20, 2008

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A loan modifacation is when the Owner of the mortgage (Wells Fargo etc.) looks at your over all situation and works with you to stay in the home- lower your rate, fix your rate what ever they need to do with in reason so they don't have you walk way, go BK or them needing to foreclose.
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Hud definition:A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
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