FAQ > Loan Modification FAQ's > What is a Loan Modification?
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A Loan Modification is a permanent change in one or more of the terms of your loan, allows the loan to be reinstated, and results in a payment you can afford. (source: www.hud.gov) Specifically, the modification is a change in the interest rate, term (length) or other features of your mortgage or deed of trust, the goal is to keep the payment to one that the borrower can afford thus staying out of foreclosure.
Last updated on May 12, 2009 by Administrator