Nothing is more frightening than the thought of losing your home because you can no longer afford the payments. Dozens of worst-case scenarios might run through your head—watching the bank foreclose on your home, running out of money, having no place to go, or even having to file for bankruptcy.
Before resigning yourself to foreclosure or bankruptcy, however, you should know that there are alternatives. You should examine all of your options and choose the one that best fits your specific situation. One popular alternative to foreclosure is mortgage modification.
You might think that once you and your bank agree on the terms of your mortgage it cannot be changed; it is set in stone. Not so—through mortgage modification the terms of your mortgage can be changed. Mortgage modification refers to when the terms of a mortgage are changed outside the original terms of the contract. In other words, it allows your loan to be reinstated in a payment plan you can afford, without creating a whole new loan, like a mortgage refinance.
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