Discover how loan modification can help you avoid foreclosure, understand government programs available, and learn the steps to apply effectively.

Loan modifications are a long-term mortgage relief option for borrowers experiencing financial hardship, such as loss of income due to illness. A modification typically changes the loan’s rate, term ...

Natalie Campisi is a senior journalist who covers personal finance, balancing timely news with in-depth enterprise reporting. Her mission is to make complex financial issues clear and accessible for ...

The Treasury Department and the Department of Housing and Urban Development have announced another attempt to streamline procedures under their Home Ownership Made Affordable Program (HAMP.) The ...

A mortgage loan modification can offer an opportunity for borrowers to get their monthly payment on their mortgage reduced to an amount they can afford. A mortgage loan modification may extend the ...

A loan modification is an agreement between a borrower and a lender to permanently change the terms of a mortgage. You'll need to prove financial hardship in order to qualify for a loan modification.

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The Federal Housing Administration (FHA) announced this week that a final rule related to an increased 40-year loan modification term has been published in the Federal Register. The rule allows ...

The days when published a monthly tally of the number of loan modifications made by servicers under several public and private sector programs are long gone, but modifications are still needed and ...

A loan modification is a change to your original loan terms. You may request a loan modification if you can no longer afford your monthly payments, but it’s important to know what you’re getting into ...

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input.

FHA first proposed the 40-year loan modification on April 1. The new option is intended to help borrowers who can’t achieve a minimum targeted 25% reduction in the principal and interest (P&I) portion ...