What Is Loan Modification?
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
How Do Loan Modifications Work?
Reasons for a Loan Modification
Default on a Personal Loan
Hardship
Can You Get a Personal Loan Modified?
How Often Do Loan Modifications Get Approved?
Loan Modification: Pros & Cons
Loan Modification Pros
Amicable Agreement
Faster Processing
Default Cure
Loan Modification Cons
Credit Score
No Cash Out Option
Tax Consequences
Is a Loan Modification Bad for Your Credit?
The Takeaway
Frequently Asked Questions
About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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