Two Choices for Financially Troubled Homeowners

Loan Modification or Refinance - Reduce the Burden on Yourself

There are now two choices available for homeowners who are feeling the financial pinch and want to adjust their mortgage payments.

The loan modification requires very minimum qualifications and can give you an opportunity to reduce your monthly payments but allows you almost no cash out. You will keep your same mortgage company. Whereas refinancing requires qualifying and will both allow you reduce your mortgage payment and get cash out subject to the loan to value and how much cash you want. In refinancing, you may choose to have a new mortgage company altogether.

More details on this later.