If you are in a position where you feel that you may end up losing your home to foreclosure you may want to find consider trying to get some loan modification help. A good loan modification program can stop the foreclosure process and help you keep your home all while allowing you to lower your monthly payments. Many homeowners need loan modification help, but a lot of them do not know how to get it or think they are not qualified to receive it. There are some myths surrounding just about every instance of financial help, but with the economy in its current state, a lot of people are simply unable to afford to be misinformed about home loan modification. If you are thinking about requesting loan modification help from your financial lender and you're not entirely sure if you qualify, these debunked myths are going to help push you forward towards requesting assistance from your lender.
1. Refinancing is renewing your loan under different terms, whereas loan modification is changing the terms of your mortgage for lower payments and interest rates. Refinancing helps those who have a depreciated value on their property and would like a mortgage that fits the new property value.
2. Home loan modification simply reflects off the initial value of your property. However, refinancing has much tougher requirements to meet and you must have good credit to qualify for refinancing. A loan modification program requires you to have only decent credit and the requirements are set around the statistic majority of homeowners in the United States today.
Hiring an attorney for some loan modification helps will make the process easier for you and will raise your chances for success in negotiations, but in some cases a attorney is just not needed. Additionally be on the lookout for free loan modification help and see how you fit within the qualifications, you may end up being pleasantly surprised.
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