Moving Financially Forward Online

The Sticky Truth About Loan Modifications – Part 1

Have you ever considered getting a loan modification? If so, you’re not alone. Many people who fall behind on their loans are quick to turn to them, hoping they’ll provide some level of relief. But, many soon realize that a loan modification wasn’t quite what they expected.

The Amount Owed Won’t Disappear:
A common myth behind loan modifications is thinking that the amount past due has disappeared. Yes, the payment may be lower, but that’s because the lender has changed the terms of how you’re borrowing for the current loan. This is in an effort to help you get back on your feet, but the amount owed has likely been tacked on to the end of the loan. You’ll notice too that the loan will take longer to pay off.

Don’t let this discourage you from getting a loan modification if you really need it. It’s still a great option for those who want to get a better handle on their debts.

Subscribe to our Newsletter

By clicking submit, I authorize Moving Financially Forward Online and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.

Recent Articles

Skip to content