Au Contraire to what most homeowners believe, refinancing is not the only solution to save your home from imminent foreclosure. As a matter of fact if you were to weigh the different option you would find that opting for refinancing is like the proverbial jump from the fire into the frying pan.

Foreclosure comes into the picture when monthly mortgage payments are missed and most home owners fail to make their monthly payments because they are financial distressed. When you opt for refinancing your interest rate and consequently your monthly payment will be higher. Instead a more suitable option is a home loan modification.

Another major benefit of opting for mortgage modification is that your credit score is not a deciding factor in the process of procuring home green trust cash indian owned payday loans modification. The other benefits of a mortgage modification include

oReduction in interest rates up to an affordable 2% while with most refinancing options you would have to pay up to 5%. oHome green trust cash best tribal installment loans modification can be done at no cost at all unless you avail the services of an attorney or a company to negotiate for the mortgage modification on your behalf oYou will no escrow or title for home loan modification oMortgage modification almost always features low interest rates while in refinancing the interest rates are variable and will change according to market conditions. oIf your home vale in on the decline you may not be eligible for refinancing while a decreasing home value will be to your benefit when you go for a home loan modification.

You can start the mortgage modification procedure on your own by getting in touch with your mortgage program officer. You will need to submit documents like a home green trust cash loans for native americans modification hardship letter, recent pay slip, income tax returns and any other documents that will help the bank to verify your current financial condition.

So, mortgage modification is a more appropriate option for home owner's who facing foreclosure due to financial issues.