Go to 
Estimated reading time: 1 minute
A loan modification changes the terms of your loan. This might be necessary if your circumstances change and you are unable to keep up with the agreed payments.
If you’re facing long-term hardship, Mr. Cooper may be able to modify your loan so it has more manageable terms. However, borrowers eligible for a loan modification must meet certain criteria and abide by the terms and conditions outlined by the investor of their loan.
While refinancing means replacing your existing loan with a new one, a loan modification keeps your existing loan and changes its terms. If you qualify for a loan modification, we’ll look for a way to reduce your monthly payments.
There are several ways to do this. We may be able to lower your interest rate or maybe extend the loan’s term length so that each month’s payment is a little lower.
Further reading
