loan modification
Mortgage terms revision
A loan modification is a change to the terms of an existing loan, typically negotiated when a borrower faces financial hardship.
The lender may reduce the interest rate, extend the repayment period, or lower the principal balance to make payments more manageable: After losing her job, she applied for a loan modification on her mortgage.
Distinguished from refinancing, which replaces one loan with another.
- forbearancePatient self-control, delayed enforcement
- missed paymentsDebts not settled on time
- repayment planTerms for returning borrowed funds
- debt consolidationCombining multiple balances owed
- debt restructuringRenegotiating borrower payment terms
interest rate cut · personal loans · second mortgage · default · credit counseling · bankruptcy law · servicer · hardship · escrow accounts · underwater · underwater mortgage · lien · trial period · foreclosure prevention · financial aid programs · budgeting strategies · homeowner · monthly payment
- debtdebt, creditor, owe, debtor, lender
- loansloans, lend, borrow, auto loans, bank loans
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- debt reliefdebt relief, debt forgiveness, debt settlement, debt cancellation, debt negotiation
- financial reliefdebt relief, bailout, debt forgiveness, stimulus, tax relief
- housing crisishousing bubble, housing crash, subprime mortgages, foreclosures, subprime loans
loan modificationforeclosure
Lender seizes mortgaged property
repossession · loan forgiveness · debt cancellation · bankruptcy · loan default
loan modificationforeclosure
Lender seizes mortgaged property
repossession · deficiency judgment · legal action · wage garnishment · asset seizure