What a Loan Modification Is
A loan modification changes your existing mortgage's terms — rate, term, or structure — to make payments more manageable, typically for borrowers facing hardship or changed circumstances. It alters your current loan rather than replacing it.
Who It's For
- Homeowners facing payment hardship
- Borrowers whose circumstances changed since origination
- Those seeking more sustainable terms on a current loan
- Owners exploring alternatives to refinancing
How It Works
Unlike a refinance, a modification changes your existing loan's terms directly. The process and eligibility depend heavily on your lender/servicer and your situation. We can help you understand your options and whether a modification, refinance, or other path best fits.
Frequently Asked Questions
How is a modification different from a refinance?
A modification changes your existing loan's terms; a refinance replaces it with a new loan. Modifications are often used in hardship situations.
Who do I work with for a modification?
Modifications are handled through your loan servicer. We can help you understand the landscape and whether a refinance might be a better path.
Will a modification affect my credit?
It can, depending on how it's reported and your situation. We'll help you weigh the tradeoffs honestly.