3 Reasons To Take A Look At Mortgage Refinance And Mortgage Modification
Have you ever day-dreamed about how you could possibly avoid being one of those 1
,000,000 individuals for whom a foreclosure is predicted in 2010? Are you likely to be a statistic in this "National Emergency"? That identical thought has occurred to a lot of people. Lots of individuals have also had the exact same concern. Some have taken steps to avoid it. Most never see it through the daydream stage. Sometimes it's because they don't know how to go about it. Other times it's because the complete idea is a huge unknown area. Other times they forego taking that approach because they think that they cannot get it done.
Let's not get hung up considering the negatives before we start. We ought to think and become more analytical. Let's look at the differences between mortgage refinance and mortgage modification, and consider them individually.
To start with, let's briefly discuss the differences in the terms used. A "refinance" requires the payoff of an existing loan, i.e., one you already have. Whereas, a mortgage modification isn't a new loan at all. Rather, it's a "modification" created in the pre-existing loan agreement. If refinancing is denied for whatever reason, modification is an instrument worth considering, particularly for homeowners struggling to keep up with their house payments. All right, I acknowledge that refinancing involves fees and modification requires negotiation with unpredictable individuals. Nevertheless, I'd like to make certain that you are aware that Congress is holding mortgage lenders' feet-to-the-fire, challenging Legislators to speed the pace of modification approvals. Congress' efforts our proof that work is being expended to bring this madness to an end!
Furthermore, remember that there is a great deal of information currently available to assist individuals in mortgage modification. There is also financial assistance available to those who desire to pursue mortgage refinance. Additionally, consider that refinancing requires that a lender verify your credit history to determine if you are credit-worthy. Contrariwise, mortgage modification does not require a credit check.
Lastly, you have a reduction in your monthly expenses, etc. which means you'll not be struggling simply to keep your head above water monthly as a result of burdensome mortgage payments. As an added bonus, you are in a position to remain in your home, not having to transfer your children into a new school -- and much more!
If you glance at the reasons and evaluate them, I expect that you'll have to admit that a compelling case can be made for the propriety of considering how you can obtain either a mortgage refinance or mortgage modification.
Just consider it. Maybe you truly should obtain either a mortgage refinance or mortgage modification, and remain in your current home, facing far more manageable mortgage payments.
by: Dr. Tom Rhudy.
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