Are you faced with foreclosure? Are you considering the benefits of a short sale? If you are having trouble paying your mortgage but want to remain in your home, there are options to consider. One of the best is a mortgage modification.
With a mortgage modification, you can change the terms of your loan to make it more affordable. Subsequently, you are able to stay in your home without the financial stress that you have been facing.
Even though there are many benefits of mortgage modification, you are likely to face some challenges along the way. While all of these can be dealt with, you need to know what to expect:
-- Some lenders are not as open to mortgage modifications as others.
-- It is possible that the lender could move forward with foreclosure while the mortgage modification is pending.
-- It can take a long time for a lender to agree to a modification.
-- Negotiating a mortgage modification is easier said than done.
-- The rules for a mortgage modification are not always as clear as they should be.
If you are interested in a mortgage modification, you should be ready for these types of challenges. The more you understand, the better off you will be.
Despite the challenges, you may still want to look into the mortgage modification process and what it can do for you. The benefits are hard to deny. As long as you know the ins and outs and what to expect, you may be able to make this work in your favor.
Source: Annenberg Media Center, "The Six Biggest Problems With The Mortgage Modification Process," accessed Sep. 24, 2015