18Jan/110
Introduction to the Mortgage Loan Modification Process
When you experience problems meeting your real estate payment obligations, you might qualify for a mortgage loan modification whereby the mortgage notes are modified by your lender such that the interest rate, loan term, and principal balance are adjusted to suit your needs. A typical mortgage loan modification process will take 3 months to come into full completion. Thus, if you get the first signs of financial constraints, you should take immediate action and contact your lender so that you can avoid tarnishing your credit score.