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Loan Modification
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Modification
One or more of the terms of the mortgage may be changed to bring the loan current. For example, the modification might involve extending the term (up to a maximum of 360 months) or temporarily reducing the interest rate.
Delinquent interest, escrow, fees, and other costs may be added to the principal balance that is owed, subject to state law.
- Benefit
The borrower is offered a fresh start and the loan remains a performing asset.
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