A loan modification is not like refinancing. Refinancing requires to you obtain an another loan with new terms, where as a loan modification re-writes the terms of the original loan. Your credit score is not used to determine whether or not you qualify for a loan modification. In addition, a loan modification may work to improves ones credit score if it prevents them from foreclosing on their home. A loan modification is the most logical option if you do not qualify for refinancing, which is a rarity these days, and do not want to lose your home in foreclosure. A loan modification works to reduce monthly mortgage payments so that they are more affordable; this way, home owners can make all their monthly payments on time which is likely to increase their credit score.
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