The same applies to foreclosures and to loan modifications in which principal is reduced.

As of November 2011, nearly 910,000 homeowners have received a permanent loan modification through the program to help lower their monthly mortgage payments.

A loan modification will typically result in the change to the loan's monthly payment, interest rate, term or outstanding principal.

Accepting a loan modification can affect your credit score, but the actual effect will depend on a variety of factors.

This is further evidence that case-by-case loan modification is not effective as a policy tool.

Nearly one in four loan modifications during the fourth quarter of 2008 actually increased monthly payments.

What are the costs associated with a loan modification?

Charging fees before a loan modification is attempted is illegal and considered predatory.

Navigating through the process of applying for a loan modification or refinancing a home can be difficult.

No one can guarantee you a loan modification.