When the lender agrees to change the terms of your mortgage without refinancing.

 

Related Articles:

Is a Loan Modification Right for Me?

Which Is Better, Stay and Get a Loan Modification, or Move and Rent-to-own?

What to Do If the Bank Offers a Bad Deal for a Loan Modification

The Pro’s and Cons of a Loan Modification

The Perfect Storm – What to Do If You Are Underwater with Bad Credit and No Money

What to Do If You Owe More than Your House Is Worth

What Are the Options You Would Recommend for Someone to Avoid Foreclosure?

What Should I Do with My House after a Divorce?

Why Do Banks Prefer a Short Sale over Foreclosure?

3 Alternatives to Foreclosure in NY

Which Is a Better Alternative to Foreclosure? Loan Modification or Rent-to-own?

What to Do If You Are Underwater on Your Home

Why a Loan Modification May Not Be Your Best Option

Go with a pro for Foreclosure Advice

Understand Your Mortgage Debt When Faced With Foreclosure

Why Selling Can Put You In a Better Financial Position Than a Loan Modification

Ten Frequently Asked Questions About Short Sales

How New York Homeowners Can Live Rent Free

How to Convince the Bank to Agree to a Short Sale