a permanent restructuring of your loan which will have a higher monthly payment for the life of your loan
a transaction where an existing note is modified, but the note is not cancelled
a written agreement between the servicer and the borrower that permanently changes one or more of the original terms of the note
Changing one or more of the terms of the loan. See Members Only Resource page for LoanTrim Bonus for the best kind of loan modification.
A procedure whereby a loans payment plan is altered due to the hardship of the borrower. This can include the rate, term and monthly payment amounts.
Any change in the terms of the loan, any change in the property or any change in borrower's liability for the loan.
A procedure in which a loan's terms, such as the interest rate, monthly payment or term, are altered with the approval of a lender. | Home