What is a Loan Modification?
A loan modification is one of the best options available for homeowners and lenders alike. Loan modification is a long-term solution that will help the borrower make their loan payments and stay in their home. A loan modification can be accomplished by decreasing the interest rate, or if an adjustable rate, changing it to a fixed rate. Your loan can also be extended in the period of time the borrower has to pay the loan back, and in some cases your loan can be switch to a different type of loan all together.
How Can a Loan Modification benefit the Homeowner?
A loan modification is beneficial to the borrower because simply it allows the individual or family to remain in their home and grants them loan terms that work better with their particular life style or situation. A loan modification in comparison to foreclosure, bankruptcy, or some of the other options is always a better option for the homeowner.
How Can a Loan Modification benefit the Lender?
Loan Modifications are also beneficial to banks and lenders, especially with foreclosure rates sky rocketing in Silver Spring Maryland and the rest of the nation.. . . Banks lose a lot of money in a foreclosure. Not only does It cost money to go through with a foreclosure but it often results in an overall loss for the banks when they sell them as a Foreclosure.
Loan Modification Help For Silver Spring Maryland