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What is a Loan Modification?

We hear the word more and more often:  Loan Modification. What exactly is a Loan Modification?
When borrowers get in trouble, they can’t make loan payments. The bank is left with a few options that are ugly for everybody. Often, the best option is Loan Modification.

Loan Modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement.

Your payments get more affordable, and you don’t have to default on your loan. Banks choose to offer loan modification programs because it is easier to work with you than to go after you.