You can define Loan Modification as, A loan modification is a change in the terms of an existing loan by a lender. This could be a reduction in interest rates, an extension of the repayment period, a different type of loan, or a combination of all three.
- A loan modification is usually given to a financial borrower who is unable to repay the loan on real terms.
- Successful candidates are usually represented by a lawyer or other professional advisor.
- Very few consumers have access to government programs that help mortgages.
Literal Meanings of Loan Modification
Meanings of Loan:
Loan (amount or amount of goods)
Some loans, especially one that must be repaid with interest.
Streets or narrow roads, especially those leading to open ground.
Sentences of Loan
The word processor loan was taken from the theme for us
Borrowers can apply for a loan of 84 84,000
Synonyms of Loan
credit, allow, lend, give credit, advance
Meanings of Modification:
The process changes something.
Sentences of Modification
The parts provided should be minimal or unchanged.
Synonyms of Modification
tempering, moderation, abatement, mitigation, lowering, reduction, decrease, lessening, softening, restriction, qualification, diminishing