Debt Modifiers

A loan modification changes the terms of your existing mortgage to make the loan more affordable. Usually, it's in the form of a rate and payment reduction, fixing the rate to prevent ARM adjustments, and in some cases, lowering the principle balance of the loan. In the past, a borrower could only qualify when they were delinquent and had suffered a hardship, such as a job loss, divorce, illness, etc. Now, you no longer need to be late on your payments, or in foreclosure, to qualify for a loan modification.