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Saving Your Home with a Loan Modification

August 28th, 2009

Home foreclosure rates and loan delinquencies continues to break records each quarter in the United States. The housing recession and home equity slide has not hit the bottom yet in many regions of the country. Mortgage relief is available to most struggling borrowers, so if you were turned down recently for mortgage refinancing from your lender, it does not mean you won’t be approved for a loan modification plan.

Getting a loan modification is something that many Americans are looking to do to help save their home and avoid foreclosure. Over the last few years, many homeowners have seen their income decline which has made making a home loan payment very difficult. Unfortunately, some homeowners have even given up and just walked away from their mortgage letting their home go into foreclosure.

If you decide to let your home go into foreclosure, it will take you many years to recover financially. You will be able to buy nothing on credit for an entire decade which is a lot longer than it seems. Once you do get this taken off your financial history, it is still going to be very difficult to get a low interest rate on most loans that you apply for. We suggest exploring all options available to avoid foreclosure. In most cases, it would be more advantageous to default on all your unsecured loans and credit cards than to go into default on your home mortgage which ends in foreclosure and loss of your home.

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