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January 19, 2023
A loan modification is a change made by a lender to the terms of an existing loan. It might include lowering the interest rate, extending the payback period, switching to a different form of loan, or combining the three. Typically, such revisions are made because the borrower cannot repay the initial loan. The majority of successful loan modification processes include the assistance of an attorney or a settlement business. Some debtors are eligible for federal loan modification aid.