Select Page

Loan Modification: What is it?

loan modification

Loan modifications, simply put, are permanent changes in one or more of the terms of your mortgage loan.  These changes or loan modifications usually allow the loan to be reinstated or brought current.  The goal is that the monthly payment will be adjusted to an amount you, the borrower, can afford.  This is not always the case.


Other common adjustments made through a modification are changes to the amount owed, also known as “principal reduction”, and extending the term or length of the loan to allow any missed payments to be made.

A loan modification is different from a refinance in that it is an in-house adjustment to your mortgage terms made by your present mortgage lender not a third-party or new mortgage lender.  Unless you qualify under a mandatory government program, most loan modifications are at the discretion of the mortgage lender.  To repeat, loan modifications are not a right.  So be diplomatic and patient with your lender when you are requesting one.

If your house has already be listed for a foreclosure sale you should speak immediately with an attorney.  In most instances, once a foreclosure sale is set the mortgage company WILL NOT approve the modification.  In many cases the mortgage representative will say not to worry.  However, every day you get closer to the foreclosure sale date is one day less you have to save your house.  Don’t wait.  If you receive a foreclosure sale notification – contact us immediately. Loan modification assistance is a phone call away.


For more information on loan modifications visit the following links:


Content approved for publication

by John G. Merna


 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 .