What is the Difference Between Loan Modification and Refinance?

By Anudeep K. Singh, Esq. of STONE HAVEN LAW GROUP, LLC

Rancho Cucamonga, California, July 20, 2009- As the current economic crisis continues, many homeowners are faced with the tough question of what to do to afford their home given their difficult loan terms. Two common options are loan modifications and refinances. A loan modification and a refinance will both reduce monthly mortgage payments and make them more affordable, but there are important differences between the two options.  A loan modification changes the terms of an existing mortgage while a refinance creates an entirely new mortgage.  The appropriate option depends on a homeowner’s particular situation, their credit rating, and their equity position.The following differences between a loan modification and a refinance, can help in determine which might be most advantageous and probable:-

When considering a loan modification versus refinance, homeowners must determine whether their particular home value, financial situation, credit score, and loan terms would be better suited to an entirely new loan or amended loan terms. 

For more information on pursuing and obtaining a loan modification, please contact the attorneys at the STONE HAVEN LAW GROUP, LLC at 1 (877) 376 MODIFY, or visit us at www.stonehavenlaw.com.

e-mail:  info@stonehavenlaw.com

1. 20th Jan 09

2. 22nd Dec 09

3. 4th Dec 09

4. 17th Nov 09

5. 18th Sept 09

6. 3rd August 09

7. 26th July 09

8.20th July 09

9. 13th July 09

10. 6th July 09

11. 1st July 09

12 . 22nd June 09