Skip to main content

Loan Modification - What You Need To Know

Homeowners facing a major financial hardship that could lead to a foreclosure may work with a lender to get a loan modification -- sometimes called a mortgage modification, workout plan or restructuring -- which will change the terms of the mortgage loan so the borrower can afford the payments. To do this, the lender may allow the homeowner to refinance the loan, pay a lower interest rate, extend the term of his loan, skip payments and add them to the total loan amount or roll past-due payments into the total loan amount

Rate this guide

Recommended articles about Real estate

Can’t find what you’re looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer