Home Loan Modification

A home loan modification is a process where your lender adjusts the terms of your existing mortgage to make payments more manageable. This can include reducing the interest rate, extending the repayment period, or changing other loan conditions. The goal is to help you avoid foreclosure by making your monthly payments affordable based on your current financial situation. Usually, you need to apply and provide financial documents to qualify. It's a way to work with your lender to find a solution that prevents losing your home while ensuring the loan remains valid.