BY MAXWELL LAW FIRM, PLLC
What is a loan modification?
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. Basically, its the restructuring of a mortgage for a borrower who faces a long-term financial problem but can demonstrate the ability to meet the modified payment terms.
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