✅Technically, a loan modification is a type of refinance, but in the mortgage servicing world, these terms tend to mean slightly different things. The purpose of this video is to help borrowers understand the colloquial difference between a loan modification and a refinance.
This video also addresses why homeowners cannot usually get approved for a traditional refinance while they’re in default on their mortgage.
The information is general and not intended to be legal advice. Contact a foreclosure defense attorney in your state for advice specific to your situation or contact your lender for lender-specific instructions.
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