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In that case, a refinance is a better option. First of all, the borrowerís financial hardship must be evident to the lender, because it. Loan modifications are most common for secured loans, such as mortgages, but you may also be able to modify other types of loans. The process is similar for most financial institutions, but each company will have. A loan modification, an agreement with their lender to change the terms of their loan, can be a lifeline for homeowners who struggle to pay a mortgage.
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These changes can include a new.
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In that case, a refinance is a better option.
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Learn what a loan modification can offer you.
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