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What is a loan modification? A loan modification is when the lender agrees to change the term of the existing mortgage note. Changes may be on the rate, the loan amount, the length of the loan or all of the above. Terms are usually changed based on the borrowers ability to make the agreed upon new terms. If a borrower has no chance to make reasonable payments, the lender will opt to foreclose or may offer other options such as deed in lieu of foreclosure or consider a short sale. |
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