Loan Modification is the restructuring of the existing terms to loan or mortgage.
Loan Modification may allow borrowers amidst financial hardship to stop foreclosure and keep their home.
Payment terms and payment variables such as the interest rate are adjusted in a way that lowers the monthly installments. Lowering the monthly mortgage payment via mortgage modification allows the homeowner to make home affordable and thus keep their home.
Debt Help and Debt Solutions
12 Obama Loan Assistance Programs Extended through 2013