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A loan modification is an option that many homeowners will consider in order to avoid foreclosure. Many lenders are now encouraging their delinquent borrowers to come forward and talk to them about this option, which if approved, will modify the terms of their loan so that their monthly payment is more affordable. In this article from CNN Money, they examine the recent rate of redefault for those who received loan modifications directly from their lenders as opposed to those who received loan modifications through the government’s Home Affordable Modification Program (HAMP). Twice as many borrowers ( 22% ) with the direct lender modifications are redefaulting than with the HAMP modifications. The main reason appears to be that the HAMP modifications give borrowers a muchlarger reduction in their monthly payment. If you are seeking a loan modification, attempt to do so with the HAMP program first. If you qualify, this will provide you with a better chance to get back on the right track. The Law Office of William J. Reinhardt, Jr. is available to speak to those who need assistance in determining the right course of action for you based on your own personal circumstances. I may be reached at 718-377-8880 or at [email protected] Read More
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