What is a Home Loan Modification & How Do I Successfully Negotiate One?

What is a Home Loan Modification?A mortgage loan modification is a process whereby the terms of the existing mortgage are modified to new terms that are more agreeable to the homeowner and lender.What’s the basic idea behind mortgage loan modifications? How does this work?Lenders have been faced with staggering losses due to so many foreclosures. Typically when a bank forecloses on a home, the house has little to no equity, or is “upside down”. When you add the total cost of foreclosure, including lawyer’s fees, the cose of keeping up the property, Realtor commission, and the overall loss due to the house being upside down, it typically translates to a huge cost to the lender. Rather than foreclosing on a home, in most

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