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About Loan Modification

About Loan Modification

A loan modification, also known as a mortgage modification, restructuring, or workout plan, is when a borrower facing great financial hardship, and having difficulty making their mortgage payments — works with their lender or servicer to change the terms of their mortgage loan. The workout plan could result in temporary or permanent changes to the mortgage rate, term and monthly payment of the loan. The goal of a modification is to help the borrower reduce their monthly mortgage payments to 31% of their gross income. Under the government's plan, loan modifications will be standardized, with uniform loan modification guidelines used by Fannie and Freddie Mac, and they are being implemented throughout the entire mortgage industry. This is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor.

Clearspring Loan Services, Inc. is a debt collector. This is an attempt to collect a debt, and any information obtained will be used for that purpose.
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