For homeowners facing the threat of foreclosure, understanding the option of loan modification can be a game-changer. This page aims to elucidate what loan modification is and its benefits compared to foreclosure.
A loan modification is an agreement between the lender and the borrower to change the original terms of the mortgage. This might involve extending the term of the loan, reducing the interest rate, or converting from a variable interest rate to a fixed one. The primary purpose is to make the loan more manageable for the borrower, ensuring they can keep up with payments and avoid foreclosure.
If foreclosure is looming, a loan modification might offer a way out. It is always best to consult with mortgage and financial advisors to understand your options and determine the best course of action. Give us a call today to see if a loan modification is the best option for you. Even if you have an auction date... It's Not Too Late!
Want to learn more about the foreclosure process and what options are available to you? Schedule a FREE NO OBLIGATION CONFIDENTIAL Consultation with me by clicking on the calendar link below...
Get A Free Digital Copy of
The Ultimate Guide To Selling Your Home As A Short Sale