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A loan modification is a restructuring of your current loan repayment period (term), interest rate, or other provision of your home loan. Occasionally, some of the principal balance of your existing loan may be forgiven and/or your loan term could be extended.
In a loan modification, your lender may defer some of your payments, change your interest rate, extend the length of the loan, or forgive or cancel a portion of the mortgage debt. You can apply for a loan modification or other mortgage assistance on your own or with free help from a HUD-approved counseling agency.
Available modification options are specific to the type of loan you have. If you are not sure what type of loan you have, please call PHH Mortgage Customer Service at (800) 330-0423.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure.
If you’re facing a long-term hardship, we can review you for a loan modification to determine if more manageable terms are available. While refinancing means replacing your existing loan with a new one, loan modification keeps your existing loan and changes its terms.
modify the terms of a loan for a variety of reasons, whether to provide additional funding for capital improvements or other cash needs, or to modify the interest rate or defer the maturity date when the borrower is in distress. Cor - porate loan facilities may be subject to frequent modifications to implement provisions in the credit agreement
the Security Instrument, and (3) prior extensions or modifications of the Note and Security Instrument, if any. The Note and Security Instrument, together with any prior extensions or modifications thereof, are referred to in this Agreement as the “Mortgage,” and the Mortgage covers the real and personal property described in the Security
