Loan Modification

Loan modification is a process where a borrower and lender adjust the terms of an existing loan to make it more manageable for the borrower. This can involve lowering the interest rate, extending the repayment period, or reducing the principal amount owed. It typically helps homeowners facing financial difficulties, allowing them to avoid foreclosure and keep their homes. The modification agreement is legally binding and aims to create a more affordable payment plan that reflects the borrower’s current financial situation. It’s important to communicate with the lender to explore this option if needed.