A loan modification is an option that allows you to basically get a 'do-over' on your home loan. If you started out with a house worth $130,000, made a $15,000 down payment and financed the remaining $115,000, you are like a lot of other homeowners. If you have now paid your loan balance down to $100,000, but the home values in your area have nosedived and your home is now only worth $90,000, well, you are still in the same boat as a lot of other homeowners.

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