Recent Trends in Loan Modifications

A loan modification is an agreement between a lender and a borrower to alert the original terms of a loan in order to make payments more affordable. This can be accomplished by temporarily or permanently reducing the interest rate on a loan or changing an adjustable interest rate to a fixed interest rate. Another method of loan modification is to increase the term of a loan from the standard 30 years to 40 years or longer. In some cases, the lender may also reduce the principal balance due on a

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