Loan Modifications Vs. Refinance- 866-60-MODIFY!

http://www.firstloanadvice.com A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time. In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages.

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