Persistence Pays Off When Loan Modification Saves House and Credit (Washington Post)

Story date: 2007-10-19 02:11:42
Added on: 2007-10-19 17:22:31

A loan modification is a change in the loan contract agreed to by the lender and the borrower. The modifications getting attention now are those designed to reduce the payment burden on borrowers faced with impending interest rate increases that will make monthly payments unaffordable to them. Many are subprime borrowers.


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