Loan Modifications

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If you’re considering selling your home because of difficulties making mortgage payments, contact your lender to see if it has any programs that can help you stay in your home. Many lenders today may consider modifying the loan to avoid a short sale or foreclosure.

A loan modification from your lender might include:

  • Refinancing your loan at a lower interest rate
  • Providing a different payment plan to help you catch up
  • Providing a forbearance period if your situation is temporary

If a loan modification isn’t available or not enough to relieve your situation, a short sale might be your best option if your lender is willing to try a short sale.

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Categories: Real Estate News

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