What does it mean to when you do a loan modification thru your mortgage company?

In: Mortgage Loan

15 May 2010

My current interest rate is adjustable and extremely high. I don’t know what this entails and/or what I should be aware of with this mortgage company.



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3 Responses to What does it mean to when you do a loan modification thru your mortgage company?

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smiling_freds_biz_info

May 15th, 2010 at 6:09 am

Ask them?

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iggy_68

May 15th, 2010 at 6:38 am

We need more information to answer your question…

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El_Nimo

May 15th, 2010 at 6:42 am

Usually a loan modification means they are going to change the term of your loan. I.e. interest rate, term of payment.

This is because your bank is afraid that if the interest rate keeps moving against you, you’ll default on the loan and they will have to foreclosure against you.

Who’s your lender?

bob

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