What is a Home Loan Modification? This is a hot topic among Americans especially during the sudden crisis that happened a few months back. People were scrambling with their mortgages because some of them could not pay anymore.
Whether you call it a Loan Modification, mortgage modification, restructuring, or workout plan, it is when a borrower, who is facing great financial hardship and is having difficulty making their mortgage payments, works with their lender to change the terms of their mortgage loan.
The Fair Home Loan Bureau was established to assist, defend, and protect American homeowners from loan modification fraud and abusive banking practices. Fair Home Loan Bureau advisors are available free-of-charge to Americans throughout the country so this was a key step for the Obama administration to help the American citizens with their mortgages.