From the Banks Perspective

When Banks are first approached by a homeowner requesting help or a modification they may offer a quick fix that may end up hurting the homeowner in the end. These fixes would include a temporary rate cut (emphasis on “temporary”), a short sale, deed in lieu of foreclosure or a simple forbearance agreement. We will review each of these options as we go along. If you are willing to follow along with us here on this blog I believe you will reject any offer that will not fix your problem permanently.

Do You Refinance or Modify Your Loan?

In today’s economic environment most people do not qualify for a refinance making a loan modification their only option. You may have suffered a job loss and unable to replace the income you were used to making or you may be upside with your mortgage. Meaning, you owe more than the property is worth. Either way a modification is your only option. To be continued...