Loan Modification over Foreclosure | Why choose Loan Modification | Loan Modification Benefits | Loan Modification Advantages | Avoid Foreclosure | Avoid Bankruptcy

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Why do lenders prefer a Loan Modification over a Foreclosure ?

People think lenders are difficult to deal with when it comes to Loan Modification. But did you know that your lender is equally benefited by a Modification as much as you are?

One of the reasons is that for a Mortgage Modification they have to train their agents and representatives to handle troubled borrowers and also each Modification case requires individual attention. This is something that the lenders don’t like to do or prefer. Rather, they will offer you a loan modification which will help your lender save time and money as compared to a Foreclosure. Below are some of the reasons why your lender will prefer a Home Loan Modification over Foreclosure.

It’s Faster and Cheaper :

In a foreclosure, there are specific guidelines and wait time that allows a borrower to get current on their mortgage payments. It’s not uncommon that the process of foreclosure is dragged for almost a year where in your lender is spending time and money for all the process and documentation. This delay can cause your lender a good amount of money, which they can’t afford spending. A Loan workout on the other hand takes 30 to 60 days of time. All your lender has to do is go over your documents, speak to your Modification Attorney and see if you qualify for a modification. The negotiation is quite difficult but it does not cost that much time and money as compared to a loan modification.

It’s Less Work for your Lender :

To Start a Foreclosure process, your lender has to go through quite a few processes which are time consuming. They have to assess late charges that you have, file for a Notice of Default (commonly known as NOD), pay a heavy lawyer fees, and arrange for an auction.

On the contrary, a loan modification involves less work on their part. You and your Modification attorney will do most of the work like preparing documentation, hardship letter and stuff and submit them to your lender. All your lender has to do is to review your documents and find out which modification program will be the most suitable for you.

It keeps up their market goodwill :

Investors don’t want to invest in a bank which has too many foreclosures in its record. Hence, a foreclosure can damage your lender, in the same way as its damaging you. It may benefit them initially but with the slow down in the economy, they don’t want any more homes, they want you to pay rather than the property getting appraised for less. Also, the foreclosed homes will show as their bad debt which they don’t like, but your payments will show on their records

.Apply today to find out whether or not you are a qualified candidate for a loss mitigation program