Loan Modification...What is It?http://kickstartmarketing.squarespace.com/loan-modificationwhat-is-it/Tue, 11 Nov 2008 22:02:00 +0000en-USSquarespace Site Server v5.8.3 (http://www.squarespace.com/)What is a Loan Modification?MelanieTue, 11 Nov 2008 21:55:35 +0000http://kickstartmarketing.squarespace.com/loan-modificationwhat-is-it/2008/11/11/what-is-a-loan-modification.html206608:2960130:2551477 Loan Modification is a procedure in which a loan’s terms, like the interest rate, the monthly payment or the term, are changed to meet the current situation of the homeowner. All of this is done with the approval of the lender.   In other words, we negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and save your credit.   According to Investopedia:

A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.

To get more information and find out if a loan modification can help you, visit Save Your Home and Credit.  Don't delay, time is not on your side!

 

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