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A loan modification involves changing your existing mortgage so it's easier for you to keep up with your payments. Are you in loan modification hell? Modify your mortgage using a loan modification. A loan modification is where the original terms of your mortgage are negotiated into a new agreement with your current lender. By geoff williams and dawn papandrea.
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A loan modification agreement is not the same as a forbearance agreement.
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Those terms include a reduction of the interest rate and/or monthly payment.
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