I have gathered and do study on loan modification, as I come to know it's helping many people in solving their existing loan payment. I want to know more about it. Please share your thoughts about it.Thanks. by gregvip2000 from , . Aug 4th 2009
I guess the three ways usually loan modification takes place are 1. making changes to interest rate 2. principal can be reduced 3 .Payment term can be extended. The first and third are the most common types. Also it depends on your credit score.
I am not sure what you are asking here, but with loan modification as the phrase implies, you are modifying your existing loan (which you probably cannot afford anymore) to one which has more favorable and affordable terms. You can either do it yourself, or hire professional companies to call your mortgage lender or servicer on your behalf and negotiate your new loan. Hope this helps.
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