South Carolina Loss Mitigation or Mortgage Loan Modification Work is a form of foreclosure prevention that assists homeowners who are financially unable to make their mortgage payments due to a change in circumstances. Loss mitigation is a process that allows borrowers to modify the terms of their loan in order to make it more affordable. This process involves working with lenders to restructure the loan, including changing the interest rate, extending the loan term, or reducing the principal amount. It can also involve forbearance, which means temporarily suspending or reducing payments while the borrower gets back on their feet financially. There are three main types of South Carolina Loss Mitigation or Mortgage Loan Modification Work: loan forbearance, loan modification, and short sale. Loan forbearance is a temporary reduction or suspension of loan payments; loan modification is an agreement between the lender and borrower to change the terms of the loan to make it more affordable; and a short sale is when the lender agrees to accept less than the original amount of the loan.