Wednesday, December 21, 2011
Overview of Mortgage Loan Modification Process
Mortgage loan modification is sometimes offered to borrowers experiencing difficulty meeting real estate loan obligations. When mortgage notes are modified lenders can adjust interest rates, reduce the principal balance, or extend loan terms. The mortgage loan modification process typically takes 2 to 3 months to complete. Therefore, mortgagors must take immediate action by contacting their lender at the first sign of financial distress. Each lender has a loss mitigation department that
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