About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

A loan modification is the process in which a lender changes the terms of a loan. The goal of a loan modification is to help a borrower avoid foreclosure. Lenders are never anxious to make less money on a mortgage so normally the only time the agree to modify the terms of a loan is when they are forced to choose between that option and an even more expensive option for them like foreclosing on a home.

In order to seek a loan modification borrowers should contact their lender and request a modification. But because it is so difficult to obtain a loan modification some borrowers seek professional help in the process. Professional loan modification companies use their legal expertise and experience to assist borrowers in obtaining a loan modification. As with any service, it pays to shop around while investigating loan modification companies.

Good luck in your loan modification efforts.

Comments (0) Posted by G.R.A. Admin on Wednesday, April 9th, 2008

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