Loan Modification

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If you’re one of the many Americans who are staggering under the anvil weight of your mortgage, two words may yet save you: loan modification.

Simply put, a loan modification is a retooling of your home loan– by adjusting the interest rate, principal balance, deferred principal balance, the loan’s duration or other factors – until its low enough each month that you can afford to pay it.

Homeowners facing a major financial hardship that could lead to a foreclosure may work with a lender to get a loan modification — sometimes called a mortgage modification, workout plan or restructuring –which will change the terms of the mortgage loan so the borrower can afford the payments. If youre considering ways to lower your monthly mortgage payments, American Debt Advisors will help you understand what you need to do to get the help you need and avoid scammers who charge up front fees.

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