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Loan Modifications versus Foreclosure

January 5, 2010 - Sylvia Heldreth
We are hearing a great deal about real estate foreclosures. What we haven't heard very much about are programs that help homeowners stay in their homes when their income has been reduced. One of these, the Home Affordable Modification Program (HAMP), allows homeowners to renegotiate the amount of their loan payment. The payments can be reduced by extending the mortgage for up to 40 years; reducing the interest rate; or reducing the monthly principal payments creating a balloon payment at maturity. Sounds like a nice plan.

What do you think?

 
 

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