Is a Loan to Stop Foreclosure Better Then Loan Modification?
Author: Hector Milla
A common question that people who are behind in their mortgage payments is this: "Is a Loan to Stop Foreclosure Better Then Loan Modification?" The answer, of course, depends on your situation, however, a loan modification would be the better option if you are able to qualify. Hector Milla Editor of the "Best Mortgage Loan Modification" website --
http://www.BestMortgageLoanModification.net -- pointed out; A loan modification is less costly and will be worked out between you and your current lender, which will not incur the costs of other third parties, such as origination points and processing fees of a new lender, a new title, or an escrow office fees Any new interest rate that is negotiated between you and your current lender will be much better than what you would receive from a lender who specializes in foreclosure bailout loans. In most cases, the other terms of the modified loan itself, will undoubtedly be much better than the loan terms from a bad credit lender. In addition, unless you have at least 35% of equity in your property, you will not be a candidate for a refinance with another lender to stop the foreclosure sale. To negotiate a loan modification, you will need to provide a good case for the hardship that caused your mortgage payments to get behind, and in addition, you will need to provide documentation to satisfy your current lender that you now have sufficient income sources and amounts to be able to keep up with the payments of the modified loan terms they will present to you. You will be able to use additional sources of household income as long as you are able to sufficiently document the information. You will also be required to submit to your lender details of all of your other monthly expenses. If you have a lot of equity in your property, but will be unable to verify sufficient income to support the modified loan terms from your lender, you may wish to consider refinancing with a hard money equity only lender. I hope this answers your question: "Is a Loan to Stop Foreclosure Better Then Loan Modification?" Just be certain, whichever route you take, that you will be able to make the new mortgage payments as agreed; otherwise, the foreclosure process will start all over again H. Milla added. Further information about how to get professional assistance with a mortgage loan modification by visiting;
http://www.BestMortgageLoanModification.netAbout the Author:
Hector Milla runs his corporate website at
http://www.OpsRegs.com where you can see all his articles and press releases.
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