These options are usually best applied to borrowers who experienced a temporary setback or loss of income; have or will regain a stable source of income; and will have the ability to pay back a larger amount than the usual monthly mortgage payments in order to repay arrears. However, if a loan modification option results in a lower interest rate or better loan terms, then a loan modification may still be a better option. Please note that not all loan types allow for these alternatives.

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