how does a loan mordification work?

0 ⤊

how does a loan mordification work?

2007-08-24 06:13:06 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit

2 answers

A loan modification actually changes one or more of the terms of your loan.
Things like monthly payment, interest rate, life/term and type of loan are all things that can be manipulated in order to make things more affordable.
Many times, loan modifications are made in situations where the lender does not believe that a repayment plan or forebearance would work due to financial problems being long-term.

2007-08-24 09:28:21 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋

it wil depend upon the loan you got

2007-08-24 13:18:08 · answer #2 · answered by Anonymous · 0⤊ 1⤋