Investopedia

Continue to Site »

Loan Modification Specialist

Filed Under » ,
Dictionary Says

Definition of 'Loan Modification Specialist'

A mortgage specialist who deals specifically with loan modifications. Loan modification specialists work with borrowers who are close to or have defaulted on their mortgage. A loan modification is simply an adjustment made to the terms of the existing loan to reduce the probability of a borrower defaulting. Common adjustments include: interest rate reductions, extension of length of loan term, change to loan type or a mix of all adjustments.
Investopedia Says

Investopedia explains 'Loan Modification Specialist'

The popularity of loan modifications rose during the financial crisis of 2008-2009. President Obama rolled out programs that provided incentives for lenders to adjust the loans for the borrower to avoid default and prevent foreclosures. More information on loan modifications can be found at the website for the U.S. Department of Housing and Urban Development (HUD).

Articles Of Interest

  1.

    Short Sell Your Home To Avoid Foreclosure

    Are you in danger of losing your home? Protect your credit score with a real estate short sale.

  2. Things To Know About The Home Modification Plan

    This program allows FHA borrowers to reduce monthly mortgage payments through negotiation with lenders.

  3. Saving Your Home From Foreclosure

    Learn the tactics you can use to prevent your home from being repossessed.

  4. 6 Tips For Selling Your Home Fast

    Find out what you can do to stand out from the competition and make your home an easy sell.

  5. Lessons Learned From the Banking Crisis

    There are lessons to be learned on how to handle severe financial downturns, and while the Fed is learning, politicians may not be.

  6. 5 Smart Ways To Use Your Tax Return

    This year, find out how to stretch your tax refund further to strengthen your future.

  7. Build Your Small Business During Downswings

    Here we offer some cost-saving measures to strengthen your business even when the market is weak.

  8. Common Liabilities That Hurt Your Net Worth

    Every penny that you keep out of the liability side of the net worth equation essentially ends up on the asset side.

  9. The Dangers Of A Reverse Mortgage

    In many circumstances, a reverse mortgage can be a risk to your financial security. Here are six dangers you should consider before signing on the bottom line.

  10. Automatic Cancellation Of PMI When You're Underwater On Your Mortgage

    You might be suprised to learn that after reaching certain criteria, your PMI will be automatically cancelled.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  2. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  3. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  4. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  5. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  6. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.
Trading Center
Array ( )
taggroups(for debug only):
Array ( [0] => Credit & Loans [1] => What's New [2] => Home Ownership [3] => Home Ownership Family [4] => Health And Home [5] => Personal Finance [6] => SEG (Real Estate Shoppers) [7] => SEG (Real Estate Shoppers:Loan-Mortgage) [8] => Economy And Economics [9] => Markets ) time:8ms