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Many homeowners have been blessed with negotiations that led to the settling of their second mortgage. This means that an attorney was able to negotiate a buyout of their 2 nd lien. It is not uncommon to have the lender agree to modify your mortgage balances down to 100% loan-to-value.
A loan modification is a revised agreement, in which the lender modifies the current terms and reduces the monthly payment for the borrower. The primary objective of a loan modification is to restructure the mortgage to a payment that is affordable for the homeowner. Recent state legislation and Congressional initiatives require lenders to make possible every effort to provide loan modifications to homeowners risking foreclosure. |