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Loan Modification
Why Do Lenders Prefer Loan Modification over Foreclosure?
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It can be very difficult talking to your lender about loan modifications. The truth of the matter is that your lender benefits least from the modification process. Training is the major issue as to why lenders drag their feet when it comes down to modifications, each case is very specific and needs to be handled with scrutiny. On the other hand this saves them money and time vs. a foreclosure and long-term benefits sometimes are available as well. Below are are a couple of reasons why loan modifications are preferred over foreclosure by your lender.
It cost less and is quicker.
There are certain wait times that will allow homeowners to catch up on their mortgage during a foreclosure. Sometimes cases can drag on up to a year. These delays cost a lot of money to your lender. On average a loan modificatoin takes up to 90 - 145 days. The next step is to review your documents, talk to your modification attorney and see if you will be qualifed. Typically, the negotiona process is the most difficult, but it still doesn't cost as much as a foreclosure.
The work is less.
In order to start foreclosure your banks have to arrange your home to be sold by auction, file a Notice of Deault and hire their own attorneys and pay fees. And if you happen to catch back up all the lenders work went to waste. To complete a loan modification it requires less work. The majority of the work is done by yourself and the your lawyer, it will be your responsibility to provide the documentation to him. Most of the time, in order to see what kind of mortgage assistance you will need, all we have to do is make an assesment of your case.
It helps keep investors.
Your lender is also damaged by a foreclosure not just yourself. The overwhelming number of foreclosure will cripple the lending serving company. Its bad business to Investors if they see that the servicer has many foreclosures and they will not want to deal with these servicers. When your loan is modified you continue to pay your mortgage and they make money, if they dont modifiy they have to write off the loan as bad debt. If you owe money you will still be considered a liability, we have to pove that you have experienced a hardship and you have a willingness to repay your loan. Use our system to get the best negotiated loan modification with your lender.
Why Do Lenders Prefer Loan Modification over Foreclosure?
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