Mortgage Modification: is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of that mortgage. << Read The Full Article

Loan Modification: is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, increasing the loan term, forgiveness of payment defaults & fees, or any combination of these. << Read The Full Article

Foreclosure Prevention: is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. << Read The Full Article

Ways to Avoid Foreclosure: Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If they think back to when they first bought that home, losing the home was probably the furthest thing from their mind. Few home owners actually plan to go into foreclosure. << Read The Full Article

Modification Companies: assess borrowers’ ability to pay through analysis of wage statements, investment accounts, bank accounts and tax returns, among other data. They then make proposals to the lending institutions for restructuring of mortgage terms in a fashion that will enhance the likelihood of repayment.
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