Mortgage loan modifications are a restructuring of the original agreement of a contract which has been agreed by both a lender and a borrower. The things that can be modified include new interest rates and revised terms. They are considered a long term solution for borrowers who are thinking about bankruptcy or foreclosure. Generally, any loan has the potential to be modified.

Normally, banks consent to modify a mortgage no » Read more: What Are Mortgage Loan Modifications and How Can They Help You?

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