The Loan Modification Department

At The Loan Modification Department, we understand the stress of dealing with foreclosure. That's why we put our best effort into helping our clients and help them every step of the way. We will keep you fully informed of your options, and we'll follow up consistently to make sure you get the best loan modification deal.

Loan Modification

A loan modification re-structures the terms of your mortgage to make your payments more affordable. But while it’s certainly promising, a long-term loan modification can be hard to negotiate. That's where our law firm’s Loan Modification Department comes in.

Loss Mitigation

Loss Mitigation is one of several processes designed to minimize the damage caused by defaulting mortgage loans. Often backed by an attorney or firm, it involves negotiations between the lender and the borrower that binds them to new, more manageable terms. These terms are aimed at preventing foreclosure and lessen the damage incurred by both parties.

Which is the Best Option: Mortgage Modification or Short Sale?

Posted by Writomania | 4:52 AM | , | 0 comments »

With today’s dismal economy many people have had to make tough decisions regarding the sale and the financial debt of their homes. Unfortunately many people are unable to afford their homes anymore and must turn to their lenders for some relief. Making decisions such as these are never easy and can be rather confusing. Certainly though there are many options available to homeowners now to help them should they not be able to afford their mortgage payment due to reduction or loss of income. Two of the most common avenues people have chosen are mortgage modification and short sale.

A short sale is one choice homeowners make when they want to get rid of their current home but due to the reduction in market values cannot sell the home for as much as or more than what they owe on it. So homeowners will make a deal with the mortgage company to sell the home for less than what is owed on it. The mortgage company or lender will agree to take whatever you sell it for and release your liability. Even though this may seem like a blessing there are downsides to a short sale. One of the most common complaints is that the process takes a long time. For people who need to have things wrapped up quickly this will not be your best option. However, a short sale is better on your credit than a foreclosure. Even though a short sale will still affect your credit negatively it will not be as adverse as a foreclosure which makes a better option for some.

The other route many people take is a mortgage modification. With a mortgage modification a homeowner works out a deal with the mortgage company which will enable them to afford their payment and keep their home. Most times this includes changing the terms of the loan such as the interest rate or loan length. This of course will be the best option for ones credit overall.

Needless to say going through financial difficulties with your home is a tough situation to be in. The choices you make regarding it will affect your life in many ways. Thus, deciding which option is best for you can be difficult. As a result it would be best to consult a loan modification attorney so they can help you with decide which option will be best for your situation.

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