The Loan Modification program provides government subsidies to lenders who work homeowner’s to lower their monthly mortgage payment, either by reducing the interest rate or adjusting other terms. The goal is to reduce the payment to 38 percent of the homeowner’s current income. In some cases, the government will pay lenders to further lower a homeowner’s monthly mortgage payment to no more than 31 percent of the homeowner’s income. It’s all about making your loan affordable. Lenders also be able to adjust a homeowner’s principal balance.
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