lien. The protection need for a property granted so you’re able to a lending company or any other creditor which can be redeemed in case your financing is maybe not reduced considering decided terms and conditions. First liens keeps basic turn to the home. Next and you can after that liens support and are usually reduced safe than the first (i.age., they merely get money if any finance are available pursuing the first lien owner are fully repaid).

loan mod, otherwise mod. A loss mitigation unit the spot where the bank changes the first terms of a mortgage from the outstanding borrower’s favor so the borrower can resume and come up with monthly premiums. Mortgage variations tend to get rid of loss and they are less to have servicers and you will people than simply foreclosure, which are frustrating and you will high priced. Continue reading →