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Loan Modification: Are You Getting A Good Deal On Your Loan Modification?

February 3, 2009

I took a strange phone call today.

The caller explained how they had been working with their lender on a loan modification and had finally gotten their lender to propose a loan modification that would cut $60,000 off of their principal balance and reduce their interest rate to 3% for 5 years, then adjust it to 5% and fix it there for the remaining 25 years.

His question to me:

Am I getting a good deal on my loan modification?

At first, I didn’t know what to say.

Maybe? Yes? I don’t know?

These were the first three things that came to mind.

How do you know if you are getting a good deal on your loan modification? I think it may be impossible to set a “good deal on loan modification” standard because each individual loan modification is different than the others. How your loan gets modified depends on so many different factors – many of them unique to the individual situation.

Are you getting a good deal on your loan modification?

Here are 3 things that you can do to help answer the question of whether or not you are getting a good deal on your loan modification.

  1. Ask around. See what other terms that people are getting on their loan modification.
  2. Begin with the end in mind. If you know what will work for you before you start the loan modification process, you have a much better chance of feeling like you are getting a good deal once you achieve your initial goal.
  3. Do your research on loan modification. Many people have success with the loan modification process and are sharing their experience.

No matter what you do – before you sign the final paperwork to get your loan modified — make sure you feel like you got a good deal on your loan modification.

Learn How To Do Your Own Loan Modification Without The Help of a Loan Modification Company

Filed Under: Loan Modification Tagged With: Arizona Loan Modification, Loan Modification

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