Today’s real estate word of the day is modification modification.
Occasionally, a lender will agree to modify the terms of your mortgage without requiring you to refinance if any changes are made, it is called a modification or loan mod.
Yeah, that’s like the nice, trendy, trendy way to say it is. And this happened, you know, early on, maybe in like two thousand seven when there was kind of a financial crisis.
They didn’t want people to get out of their homes and lose their homes, so they modified certain terms. So a common thing that they modified was they either lower the interest rate on people’s loans, which is crazy.
It was like unheard of and or they extended the term and that called what they did. They actually took and made some loans that were 30-Year Loans, 40-Year loans to make it easier for people to pay and stay.
And this same type of thing is kind of happened with with the virus as well, that there was a time period that they took a percent certain amount of your mortgage that you didn’t have to pay for a period and added it to the end of your loan.
Supposedly, there’s been we’ve heard different things regarding That that some of our but that’s loan modification. So now you kind of know, OK, go ahead. Good.