Home modification is a process that is used by many mortgage lenders in order to assist individuals who are close to foreclosure. Generally, the mortgage company has a lot to lose when a mortgage loan goes into foreclosure, and it is in the company's best interest to prevent this from happening if at all possible.

This process allows the lender to agree to new terms with a borrower. In some cases, the lender will lower the amount of interest that is being charged, which will lower the monthly payment. In other cases, the lender will extend the repayment period also.

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