Benefits of Loan Modifications

Sphere: Related Content Loan modifications provide benefits for both the borrower and the lender/investor.

Borrower Benefits:

1) Payments are more affordable for the borrower
2) Terms are changed towards borrower(s)' benefits or ability to pay (example would be to change interest rate)
3) Saves borrower's credit
4) Saves borrower's home from foreclosure
5) Faster, easier, and simpler process
6) Can be more affordable and a lot less expensive than a refinance

Lender Benefits:

1) Will still have borrower making mortgage payments and therefore still profiting.
2) Cut back on costs involved when property is foreclosed.
3) Have less delinquencies or mortgage defaults in their portfolio.

Benefits of professional loan modification help vs. attempt to do it on your own:

1) You have one chance to do it right. Therefore, having a professional take care of it will save time and money.
2) The experts have the negotiating skills and know what will be asked by the lender and how to answer them.
3) The experts can expedite the loan modification based on their knowledge and expertise.
4) Frustration is taken from borrower when something as serious as possibly losing their home is handled by a professional.

Below are help information sites regarding loan modifications :

HUD FAQs
HUD Loan modification options
Helping borrowers negotiate their loan modifications
Loan modifications on your own
How to get a loan modification approved
Could a loan modification prevent your foreclosure?