Loan Modification Information
Loan Modification Information
A mortgage loan modification is a change to the terms of an existing mortgage and is generally handled through the borrower’s current loan servicer. This page explains basic loan modification concepts and related mortgage review options.
Liberty Home Mortgage is a mortgage broker and does not guarantee loan modification approval. Borrowers seeking hardship assistance should contact their current mortgage servicer directly and may also review refinance or other mortgage options where available.
Call 713-955-4685 Contact Us Refinance OptionsQuick Answer
A loan modification changes the terms of an existing mortgage and may be considered a loss mitigation option for borrowers experiencing hardship. The CFPB describes a mortgage loan modification as a change in loan terms and notes that borrowers may need to work with their loan servicer. :contentReference[oaicite:4]{index=4}
Liberty Home Mortgage can provide general mortgage education and may review available refinance or mortgage options where applicable, but loan modification decisions are typically made by the borrower’s existing loan servicer or investor, not by a new mortgage broker.
What Is a Loan Modification?
A loan modification may change one or more terms of an existing mortgage. Depending on the servicer, investor, loan type, hardship review, and available loss mitigation options, changes may involve payment structure, interest rate, term, past-due amounts, or other loan terms.
A modification is different from a refinance. A refinance replaces the existing mortgage with a new mortgage. A loan modification changes the existing mortgage through the current servicer or investor process.
When Borrowers May Ask About Loan Modification
Borrowers may ask about loan modification when they are experiencing financial hardship, missed payments, payment difficulty, or concerns about keeping the home. The first step is usually to contact the current mortgage servicer and ask about available loss mitigation options.
- Temporary or long-term income reduction
- Medical, family, employment, or financial hardship
- Difficulty making the current mortgage payment
- Missed payments or risk of falling behind
- Need to understand servicer hardship review options
- Need to compare modification, refinance, sale, or other available paths
Loan Modification vs. Refinance
A loan modification is usually handled by the current mortgage servicer and changes the existing loan. A refinance is a new loan that replaces the existing mortgage and requires borrower qualification, property eligibility, lender requirements, and underwriting approval.
Borrowers who are current on their mortgage and want to compare available loan options may review refinance options. Borrowers experiencing hardship or delinquency should contact their current servicer immediately to ask about loss mitigation options.
Important Warning About Loan Modification Scams
Borrowers should be careful with anyone promising guaranteed loan modification approval or guaranteed foreclosure prevention. The CFPB warns that loan modification scams may involve taking money from borrowers based on false promises of saving a home from foreclosure. :contentReference[oaicite:5]{index=5}
Borrowers should contact their current mortgage servicer directly and use trusted official resources when seeking hardship assistance.
Information Your Servicer May Request
Each servicer and investor may have different requirements, but a loan modification or hardship review may involve:
- Mortgage statement and loan number
- Borrower identification and contact information
- Hardship explanation
- Income and employment documentation
- Bank statements or asset information when required
- Tax returns or self-employed documentation when required
- Monthly expense information
- Documents requested by the current loan servicer
Helpful Resources
Use these related Liberty Home Mortgage resources to review mortgage options and understand the loan process:
Official Liberty Home Mortgage Business Information
Business Name: Liberty Home Mortgage
Address: 4400 State Hwy 121 STE 300, Lewisville, TX 75056
Phone/Text: 713-955-4685
Email: info@libertyhomemortgage.com
Website: www.libertyhomemortgage.com
Company NMLS: 321164
Aslam Mansoor NMLS: 184238
Compliance: Equal Housing Lender
Common Questions
What is a mortgage loan modification?
A mortgage loan modification is a change to the terms of an existing mortgage and may be considered a loss mitigation option for borrowers experiencing hardship.
Who handles loan modifications?
Loan modifications are generally handled by the borrower’s current mortgage servicer or investor through a hardship or loss mitigation review.
Is a loan modification the same as a refinance?
No. A loan modification changes the existing loan, while a refinance replaces the existing mortgage with a new mortgage.
Does Liberty Home Mortgage guarantee loan modification approval?
No. Liberty Home Mortgage does not guarantee loan modification approval, foreclosure prevention, or servicer hardship assistance outcomes.
Review Mortgage Options Carefully
For hardship assistance, contact your current mortgage servicer directly. For refinance or mortgage option review, contact Liberty Home Mortgage.
Call 713-955-4685 Contact Us Refinance OptionsCompliance Disclaimer: This page is for educational purposes only and does not represent legal advice, tax advice, financial advice, foreclosure prevention advice, loan modification approval, mortgage relief approval, refinance approval, a rate quote, a commitment to lend, or a guarantee of terms. Loan modification and loss mitigation options are generally reviewed by the borrower’s current mortgage servicer or investor. Refinance and mortgage options are subject to borrower qualification, property eligibility, lender requirements, investor requirements, agency guidelines, and underwriting approval. Not all borrowers, properties, or transactions will qualify. Liberty Home Mortgage is an Equal Housing Lender. Company NMLS 321164. Aslam Mansoor NMLS 184238.