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"Do borrowers have any say over the type of loan modification they get? What kind of modification should they look for?"

Mortgage modifications are changes in the terms of a mortgage loan designed to make it more affordable to the borrower. Generally, modifications are available only to borrowers in default or in imminent danger of default. The purpose is to cure or avoid the default, thereby avoiding foreclosure.

In general, borrowers must take the modification they are offered, as they have very little bargaining power.