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. |