What’s a home mortgage loan modification, and what does it mean? The difference between a modification and a refinance of your mortgage is this: Modifying it means making changes to it that will make it easier for you to make your payments. Refinancing means you’re taking out a new loan to pay off the original mortgage and get you back on track. In most cases, lenders recommend loan modification for homeowners who are having trouble making their monthly mortgage payments due to financial hardship. Talk to your lender to see if you qualify for a modification.
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There are a few government programs to stop foreclosure. One is the HAMP (home affordable modification program), which is sponsored by the federal government. The HAMP plan makes it easier for folks in your position to obtain a mortgage you can handle. It can make your payments lower or allow you a longer term to pay the loan so you don’t have to lose your home. Another government program is HUD (Department of Housing and Urban Development)
If you choose to deal with a mortgage foreclosure attorney, he or she will offer you good advice about how to avoid the foreclosure altogether. If, however, you wish to fight your foreclosure, there are attorneys who will assist you with that. You can go online to locate many of these solicitors. Just make sure you really look into the one you choose. Check that he is reputable and read his client feedback comments.
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Foreclosure can be frightening and stressful. Credit-yogi.com has more information about it and is always there to help you through excellent customer service.