State Regulators Bare Stance in HEL Modification Guide
February 18, 2002
In lieu of a refinancing, a lender may modify a home equity loan to reduce the interest rate, change payment amounts or the number of monthly payments, according to guidance issued by Texas regulators. In responding to a lawyer’s inquiry as to how to interpret state law regarding home-equity loan modification, the regulators gave wide latitude to both lenders and borrowers.