The Pros and Cons of Loan Modifications as Compared to Short Sales
June 20, 2009 by Kurt NovakWhen you are a homeowner struggling with your mortgage payments you should understand the difference between a short sale and a loan modification. Both of these methods may help you get out of a foreclosure situation. They are dealt with in the same department of your bank by a loss mitigation professional. Homeowners should be aware that the approach you choose may have a very different results on your finances. A loan modification is where your bank agrees to modify
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