In other words, they don’t want the house, but they do want the loan repaid. A modification helps accomplish both goals. There are several avenues to make your mortgage more affordable ...

One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short-term solution banks offered for homeowners facing delinquency ...

What do you think so far ... While your credit will take a hit, a loan modification is better than foreclosure or bankruptcy for your credit score in the long run. Even if you're not yet behind ...

Loan modification due to financial hardship ... Failing to pay your home loan, or paying late, can also do severe damage to your credit score. You obviously want to avoid falling behind on ...

A mortgage loan modification is a permanent change to your ... You may be required to do credit counseling or go through a trial payment period successfully before the modification is made permanent.

Finally, unlike refinancing, you do not have to pay closing costs with a loan modification. The cons of modifying a mortgage loan include having your credit score possibly affected by modifying ...

Loan modification A loan modification is a form of relief for borrowers struggling to make mortgage payments. A refinance is something you choose to do — if you don’t refi, the consequences ...

Commissions do not affect our editors' opinions or ... For these people, a loan modification may be a better option. A loan modification is a change to your current mortgage terms.

A loan modification is an agreement between a borrower and a lender to permanently change the terms of a mortgage. You'll need to prove financial hardship in order to qualify for a loan modification.

But that didn't stop America's banks. Until the end of last year, the majority of loan modifications either increased homeowners' monthly payments or left them unchanged. Not surprisingly ...

If you’re looking for better mortgage terms, loan modification and refinance can be viable options to improve your financial health. Financial struggles can happen to anyone, but homeowners have ...