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Mortgage Loan Modification | Home Buying

| 14 December 2012
These days, buying a house and lot is popular. There are many real estate investors who have taken time to reach out to low-income individuals to purchase properties. No wonder it's necessary to learn more about mortgage loan modification. It's part of the realty business and we have to learn a little about it. But before I'll talk about it, let me share with you the latest property that my client wants to buy.

I've recently attended a launching of a condominium project in a prominent location. The units are really stunning and the design is remarkable. I've seen one of the units in the showroom and I can see that it's perfect for a small family. After the event, I shared the photos with my clients. One client liked the studio unit because of its design. She definitely wants to buy a studio unit that has everything such as kitchen, comfort room, bedroom, living room and a dining room.


Personally, I also liked the unit. But my choice is the one-bedroom unit. It has a semi-modern design complete with furniture and appliances. I like the wall colors and the design of the bedroom. Since it's practical and affordable, I'm sure many people would like to live in the spacious and gorgeous one-bedroom unit.

Now, let's talk about mortgage loan modification. According to Wikipedia, mortgage modification is "a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagor and mortgagee). In general, any loan can be modified." To understand the term, let's remember that a loan modification will typically result in the change to the loan's monthly payment, interest rate, term or outstanding principal. Since most of our properties are under a mortgage agreement, we need to understand this financial process in the field of real estate.

This is a sponsored post however, all the points and views are my own. Let me know your ideas by leaving comments.

1 comments:

{ Sara } at: December 28, 2012 at 1:57 AM said...

If you’re an owner of a property and facing financial hardship, then you should update yourself about loan modification in great details. Modifying home loan will help you in getting an easier term and condition to pay off the loan. But you should also note that modifying a loan might have a negative impact on your credit scores. However, the negative impact won’t be as severe as filing bankruptcy. So, when you have a choice between modifying the loan and filing bankruptcy, it will be better if you could go for the first option. Thus, the negative impact on your credit will be less.

 

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