Modify Law Center

Modify Law Center states that according to the HUD website, a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan allowing the loan to be reinstated which in turn results in a payment the mortgagor can afford.

A loan modification is one means of avoiding a foreclosure. A loan modification occurs when a borrower changes the current loan terms of a pre-existing mortgage with a lender states Kevin Rasher Modify Law Center.