Nobody blames you for going through the process of foreclosure and nearly giving up on any possible alternative because your options appear to be so bleak. However, with mortgage modification you could get out of this dreadful position quicker than you thought and with much less problems than you anticipated.
Here are three reasons why a bank would choose a mortgage modification over a foreclosure:
- Every day that you inch closer to foreclosure your bank becomes more likely to do a mortgage modification because they don’t want to lose money during the process. In most situations even after an individual loses their home to foreclosure they stay in the home until they are forced out. During this time the bank is paying property taxes and insurance while not getting a dime from you.
- Mortgage modification is a better option than foreclosure for your bank because they won’t have to pay the legal fees to go through with the foreclosure. This is more money they can keep or keep invested instead of losing it all because of a mortgage modification.
- In most situations after the completion of a foreclosure when the home is sold it will only be sold for about 75% of the price the bank was footing a loan for. A mortgage modification will keep close to the same terms with the bank keeping much of their investment in tact.
Don’t waste any more time worrying about how to pay your mortgage, contact us today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
