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Resources > Glossary > Loan Modification

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Loan Modification

Loan Modifications can be arranged by attorneys in many states. There are many state laws effecting loan modifications and this type of program is not well understood by most borrowers. Many individuals who sell loan modifications require an up front fee and don't necessarily guarantee that the borrower will get a loan, or favorable loan after they have paid the fee. There is a lot of fraud and suspected fraud in the loan modification industry. Consult your attorney before getting a loan modification.

Infinitive: noun

Definition 1:
A type of loan program set up to lower a borrower's monthly payments when the borrower is under financial hardship and/or is delinquent or soon to be delinquent on their payments.