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Could a loan modification or short sale be the answer?

On Behalf of | Feb 17, 2017 | Residential Real Estate |

Have you run into financial difficulties regarding your mortgage? Are you looking for a way to improve your situation in the near future?

While there are many options to consider, a loan modification and short sale are among the most common.

A loan modification is exactly what it sounds like. With this, you work with your lender to modify the terms of your loan. For example, they may agree to a lower interest rate, which will subsequently lower your monthly payment.

A short sale is a different approach. With this, you are no longer interested in staying in your home. Instead, you’re attempting to sell your home for less than what you owe. As long as the bank agrees to this strategy, you can move forward with the process. Once your home sells, you’re off the hook and able to move on with your life.

While there are many benefits of both a loan modification and short sale, it’s important to remember one thing: Your lender doesn’t have to agree to either approach.

At our law firm, we have many years of experience negotiating with lenders. In the end, it’s our goal to help our client stay in his or her home or sell it and move on.

There is more to a loan modification or short sale negotiation than meets the eye. Even so, with the right approach, you can work with your lender to reach an agreement that benefits both sides. When this happens, you’ll feel much better about your financial future with regard to your home.