A loan modification is a change in any of the terms of the original note. This includes decreasing the interest rate, reamortizing the remaining balance, extending the term of the loan, or other options at the lender's discretion to assist the borrower through a temporary set back. Generally a lender will consider a loan modification when foreclosure is eminent and the borrower's income has been decreased or unable to make the mortgage payments, but will be able to keep the loan current after the loan modification.

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