Mortgage modification program doesn#39;t work : Bad Credit Advisor

[Administrator]

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[Eugine]

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e mortgagor and mortgagee). In general, any loan can be modified.Mortgages are modified to the benefit of the borrower in one or more of the following ways:

Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed
Reduction in principal
Reduction in late fees or other penalties
Lengthening of the loan term