lien. The security interest in property granted so you can a lending company or other collector which are redeemed in case apply for payday loan Danbury the loan was perhaps not paid back based on assented words. Earliest liens has earliest ask the house. 2nd and you will further liens stand behind and they are smaller secure than simply the original (i.e., they merely receive money if any loans appear following the very first lien owner was fully paid down).

loan modification, otherwise mod. A loss mitigation product the spot where the bank changes the initial regards to home financing on the delinquent borrower’s choose so that the borrower can restart and work out monthly installments. Mortgage improvement have a tendency to beat losses as they are lesser to own servicers and you may buyers than simply foreclosures, which can be frustrating and you can costly. Improvement is also offer the expression of your loan, reduce the interest rate, reduce the dominating (often because of dominating forgiveness otherwise prominent forbearance), otherwise a combination of the three.