What Is a Loan Modification Program?

Answer The loan modification program is a plan from the Obama Administration to help combat the high rate of foreclosures that began occurring in 2008. People who traditionally could not qualify for mortg... Read More »

Top Q&A For: What Is a Loan Modification Program

What is the government loan modification program?

The federal Making Home Affordable program was established to help homeowners refinance or modify their mortgages. Its goal is to make monthly payments affordable.HistoryIn February 2009, the Obama... Read More »

What Is A BTO Modification Loan?

A BTO (built to order) modification loan is a loan whose terms are formulated by the bank and the debtor. It enables the two parties to agree to amicable payment terms of a loan so the loan may be ... Read More »

What is federal loan modification?

A homeowner who falls behind on his monthly mortgage payments risks losing his property to foreclosure. Loan modification programs, such as the Making Home Affordable program offered by the federal... Read More »

What is a loan modification agreement?

A loan modification agreement changes the terms of an existing loan and is typically intended to lower the required payment on the loan, such as extending the loan's term or lowering its interest r... Read More »