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What are usual terms for a home loan modification?

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Home Loan

Do they convert a ARM loan to fixed? Do they just lengthen the term of the existing loan? Does the home owner have any choices on terms?

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    You are offered terms, you take them or your leave them,

    Terms will usually be fixed, at a normal rate, not your previous ARM rate.

    Sometimes they will lengthen the loan to 40 years to prevent too much loss for the bank.

    Landlord - Sep 07, 2012 | Reply

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