Why Loan Modifications Are Better Than Short Sales

When facing the loss of their house, short sales are a method that some people choose to use in order to stop a foreclosure from taking place. This tactic takes place when it seems likely that the bank will lose less money than it would with a foreclosure.By definition, a short sale means that the home is being sold for less than is owed on the mortgage. In evaluating the pros and cons of a short sale, some of the cons include: having to pay taxes, insurance, and mortgage payments on the property until the house is sold; competing with other bargain basement-priced homes in the area; getting a negative mark on your credit report; losing all of your investment in the property; and the possibility of still owing money towards the mortgage of a home that you no longer own or live in. After dealing with all of these problems associated with a short sale of your house, you still have to find a place for you and your family to live. While a short sale may be one of the options you have, we believe that there are better options out there for you.If you are facing a similar problem, you should consider a home loan modification. Many companies offer loan modifications, but not all companies have the benefit of experienced, licensed attorneys. 800 Debt Settle specializes in loan modifications, which can help you avoid a foreclosure, bankruptcy, or short sale on your home. An agent can help secure the most advantageous deal for you, your family, and your property.Loan modifications are one of the best options to choose when facing the loss of your home. When comparing a home loan modification to a short sale, you could potentially avoid all of the cons of a short sale. You would stay in your home, keep the investment you’ve made in the home, and avoid the hassle and expense of completing a short sale and finding new accommodations.Most loan modifications include lowering or fixing the interest rate of your mortgage, which means that monthly payments would be stabilized to an amount that is more attainable for you. It can also include reducing the principle balance that you owe or forgiving some of your mortgage payment defaults or missed payments on fees. A modification completed by one of our loan modification agents can include any or all of the above features. The main advantage of having an agent complete the negotiations with a lender is that an agent can typically achieve better results than you can achieve alone, and can achieve them more quickly.Free quotes and consultations are available for you to help you make the most of your current situation. Contact us today and let us help you with your home loan modification.Visit us at 800debtsettle website