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Sep
29

Is it better to get a home loan modification or to refinance?

Posted by admin


It depends on your specific situation.
Re-fi is a great way to get some extra money from the equity you have in your home, equity being the key component.
Unfortunately many are upside down in their mortgages, with the huge decline in home/property values, so ineligible for a Re-fi, but because of the predatory lending and immoral lending practices that had become common place in the real-estate boom, banks are now realizing it will be less costly in the end to avoid foreclosure, keep honest, hardworking home-owners in their homes by loan modification. If you couldn’t afford the house to begin with, neither one is going to save you at this point BUT if because of some unforeseen emergency, (illness, death, job loss etc,) or unscrupulous banking practices you are going under but have done all that was possible to retain your home and pay your bills, you may just find a helping hand.

  1. jennafur Said,

    It depends on your specific situation.
    Re-fi is a great way to get some extra money from the equity you have in your home, equity being the key component.
    Unfortunately many are upside down in their mortgages, with the huge decline in home/property values, so ineligible for a Re-fi, but because of the predatory lending and immoral lending practices that had become common place in the real-estate boom, banks are now realizing it will be less costly in the end to avoid foreclosure, keep honest, hardworking home-owners in their homes by loan modification. If you couldn’t afford the house to begin with, neither one is going to save you at this point BUT if because of some unforeseen emergency, (illness, death, job loss etc,) or unscrupulous banking practices you are going under but have done all that was possible to retain your home and pay your bills, you may just find a helping hand.
    References :

  2. Sarah Said,

    Recenlty my friend got home loan of 500000$ for 25 years on 1.5% which should be paid annually my friend doesnt have good credit his credit score is below 500 but still he got loan.
    I asked him how you got ?
    He told me while i was searching on internet for Home loan with Bad credit he found a site which contains about 8 links for bad credit so i checked all of them one by one .

    go to

    http://www.dixiloan.com

    > Home loan

    Note each link contain different interest rates and repayment period.

    Take Care
    Bye!
    References :

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