What is a Loan Modification and how can it help you save your home? Borrowers must realize that this is not a short term fix, much like one month forbearances might be, but instead it is a business decision that will have a far reaching impact on the home owner that will span the same amount of time as the duration of the loan he/she is holding. Conversely, a loan modification is not the same as a refinance, a second mortgage, or even a debt consolidation loan. The modification only affects the currently outstanding loan and does not cancel it but just
