Loan Modification

A lon modification is ideal for borrower who have fallen behind due ot a temporary hardship. Common reasons include job loss, illnesss death in the famiyl and military service. The process involves a modication of loan terms that will allow the borrower to get back on track and stop foreclosure. Qualicication vary from lender to lender but borrowers generally need to be employed to qualigy for a mortgage loan modification.

Loss Mitigation Options

Loss Mitigation is one of several processes designed to minimize
the damage caused by defaulting mortgage loan.
It involves negotiations between the Lender and the Borrower
binding them both to more manageable terms.The terms are
aimed at preventing foreclosure and lessed the damage
incurred by both parties. This process has been around for decades,
but the economic downturn has brought it new popularity