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 Loan Modification
The Loan Modification is a useful option for those whose payments are about to increase due to an adjustable rate mortgage. Usually homeowners in this scenario can get a 2 year freeze on the rate and payment terms they currently have, however they need to act fast and get this handled before the payment actually adjusts. Once it adjusts they can sometimes still get a Loan Modification and other times they are forced to a Forbearance Agreement. Both are very helpful and very similar in effect.
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