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Illinois Mortgage Modification Glossary
- Principle Balance
Reduction:
Instance where the bank forgives a portion of
your principal balance as part of a loan
modification. The mortgage payment due for this note
is based off the new loan amount. Only applicable in
heavily depreciated areas.
Single Family Default Monitoring System - Data
reported to the Single Family Default Monitoring
System (SFDMS) is used to measure the effectiveness
of origination and servicing activities, and the
potential risk to the insurance fund.
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