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Are You Delinquent on Your Mortgage Payments?
03rd December 2008
A mortgage loan modification is when the mortgage lender agrees to modify your existing mortgage in order to keep you in your home in lieu of your hardship. The loan modification agreement was designed to help make your current loan more affordable. Usually it is accomplished by the lender agreeing to lower the mortgage rate that in turn reduces the monthly payment for a few years. Years ago this was only available when a homeowner was seriously delinquent and suffered a hardship such as a job loss, divorce or illness. Now, homeowners can obtain loan relief from their mortgage lender for more affordable payment solutions to combat the foreclosure crisis and eliminate the interest rate adjustments from your adjustable rate mortgage loans.
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