Definition

Loan Modification (MOD)

An agreement between the lender and the borrower wherein one or more of the original terms of the mortgage is changed in order to make the mortgage more affordable to the borrower. As with forbearance agreements, borrowers who agree to loan modifications usually waive many key rights, such as their ability to raise defenses to contest a foreclosure case. This option, as well as other loss mitigation options, may have tax consequences.A MOD is a restructuring or modification of terms form the original loan agreement. It is typical that the lender would take all of the accrued default interest and add it to the “back” of the loan. Meaning that they would extend the payment time so that the borrower can still afford the monthly payments. There are many possibilities but generally, it is NOT in the best interest of the homeowner to do this financially as the owner is locked in to pay more for a home than its current worth. It’s also difficult to receive a MOD due to the high mortgage amounts verse low incomes of the people who are in danger. Lenders usually require a 30% front end and 55% back end ratios.

Meet Brian Decker

Brian Decker, a serial entrepreneur, embarked on his journey in the mortgage industry in 2004 with a Business Finance degree from Biola University. He quickly rose through the ranks, becoming one of the Top 10 Loan Officers in the nation by 2011. Brian's journey continued as he held the leading loan officer position at two publicly traded mortgage firms. In 2019, he took the entrepreneurial plunge with the launch of Modern Lending, his own mortgage bank.

Brian's commitment to a transparent and ethical lending process earned him recognition as one of the Top 10 Influential Mortgage Professionals in the United States. Beyond mortgages, he co-founded SOAR Energy, an AI-powered energy efficiency company, alongside notable figures like Tarek El Moussa and Shelby Elias.

In the cryptocurrency realm, Brian's expertise has attracted over 50,000 eager learners, guiding many to grow their wealth significantly. His personal cryptocurrency account surged from $500,000 to an astounding $7,000,000 in just 18 months under his guidance.

As an astute investor, Brian owns a diverse portfolio spanning apartments, AirBnBs, long-term rentals, and a venture with Ryan Pineda at the renowned Zapotal Discovery Beach Club.

Today, Brian's mission is to inspire and assist others in building generational wealth through his podcast, masterclasses, and speaking engagements. He's a true exemplar of the entrepreneurial spirit, continuously innovating and enriching lives.