Skip to main content

What is a mortgage loan modification?

A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation. 

The modification can reduce your monthly payment to an amount you can afford. 

Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.  

If you are offered a loan modification, be sure you know how it will change your monthly payments and the total amount that you will owe in the short-term and the long-term.

Worried about foreclosure:

For more information about how to avoid foreclosure, use our checklist . If you are facing imminent foreclosure or have been served with legal papers, you may also need to consult an attorney

Take the next step

Tell your story

Tell us your story, good or bad, about your experience with consumer financial products.

Was this answer helpful to you?

Please do not share any personally identifiable information (PII), including, but not limited to: your name, address, phone number, email address, Social Security number, account information, or any other information of a sensitive nature.

www.medicaments-24.com