Loan Modification:

Interest Rate Modification

An Interest Rate Modification is a type of loan modification that occurs when your lender agrees to lower the interest rate on your home loan. Interest rate modifications can be temporary or permanent. Common interest rate reductions can go as low as 2%-3% for a temporary interest rate drop, and as low as 4%-5.5% for a permanent interest rate reduction. A loan modification lawyer can negotiate with the lender to help you get the lowest rate for the longest period of time. Some banks are limited in their ability to offer homeowners interest rate reductions, but a loan modification attorney can work toward getting you the best rate reduction possible.

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Loan Modification: Types of Loan Modification