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A loan modification is a permanent change to the terms of a loan, according to the U.S. Department of Housing and Urban Development. A loan modification reinstates a loan and offers a repayment option the borrower can af... More »

A home loan modification letter, sometimes also called a hardship letter, is a request from a borrower to a lender to change the terms of a home loan. Borrowers typically write these letters when they can no longer affor... More »

Bankrate reports that the new payment after a loan modification may be calculated by applying the new interest rate to the remaining loan balance. Other fees, such as closing costs for a mortgage refinance, may also fact... More »

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A mortgage loan modification, in which certain terms of a borrower's loan are permanently altered, is permissible for only one time within 24 months and requires particular financial analysis criteria, such as a verifiab... More »

The Federal Housing Administration produces guidelines and requirements that FHA-approved mortgage lenders must use when determining the eligibility of FHA loan borrowers, according to the U.S. Department of Housing and ... More »

An FHA 203k loan is a loan that enables homeowners and buyers to take out money for the home along with the amount needed for any repairs or renovations, as stated by the Department of Housing and Urban Development. This... More »

Some good loss mitigation options for properties include a deed-in-lieu of foreclosure, loan modification, preforeclosure sale or an assumption of an FHA-insured mortgage, according to the U.S. Department of Housing and ... More »