What’s the difference between home loan modification and mortgage refinancing?

by mortgagepaymentplan

Question by justin mathes: What’s the difference between home loan modification and mortgage refinancing?
home loan modification vs mortgage refinancing, are they the same thing?

Best answer:

Answer by researched it
With the federal government programs the difference is in how you qualify. The federal program to refinance requires that you have not been more than 30 days late paying your current mortgage. The modification program is for people that are underwater, can’t make their payments, and can show that they’ve had some problem that has contributed to the difficulty (a job loss, a health issue etc). For more information about the two programs and to figure out if you qualify for either see the attached articles.

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