What is a loan modification on a mortgage and how is it different from refinancing

Answer

With a loan modification, instead of looking for a "new" loan you will just simply "modify" the terms of you existing mortgage.

Source: Definitive Guide to Mortgage Loan Modification Programs | www.mortgageloan.com

Description: The primary difference is that instead of looking for a "new" loan you will just simply "modify" the terms of you existing mortgage.

Sep 14 2009, 10:21pm

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