Bellevue WA – Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.
But, in today’s tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.
If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.
(That alone should convince you that their losses will be larger after a foreclosure.)
Use this to your benefit when negotiating a loan modification. Hire a real estate agent to tell you what your house is worth. Then, show your lender that value.
Now, add in all the costs that you can think they will incur if they foreclose on your home. Below are some example costs. Click HERE to continue reading.