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SpinDistribute.com Article Directory

The following article was published in our article directory on May 31, 2012.
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Loan Modification and Albuquerque Home Loans

Article Category: Real Estate

Author Name: Wes Moore

Loan modification is one of the preferred solutions that people come up with when it comes to settling Albuquerque home loans. Some people see it as an act of mercy on the part of the bank or lending institution. Nevertheless, it is also seen by some as a way for both the lender and the borrower to come out of the deal with gains in their hands.

Defining Loan Modification

Anyone can easily come up with the layman's definition of the term loan modification. In order to set things straight in very simple terms, loan modification is when a lending institution or entity like a bank for example gives way and allows a part or the entirety of a loan or mortgage agreement to be modified.

Note that neither the borrower nor lender is entering into a new agreement. The old mortgage agreement will still be intact but the various stipulations will be changed a bit. Some of the changes that can be inculcated into the contract includes extending the term of the entire loan, making adjustments to the monthly payments, or even a change in the agreed upon interest rate.

At the onset, some people might think that this benefits only the borrower. However, looking at the big picture, loan modification actually benefits the lender as well. The borrower gets a second chance to catch up to the payments that need to be made and thus helping him to redeem himself. On the other hand, it also benefits the lender in that it avoids the arduous foreclosure proceedings.

Oh, loan modification is not a stroke of genius on anyone's part. However, it has become one of the popular solutions to combat today's mortgage and financial crisis. Looking at the eternal scheme of things, both parties eventually win in the end with sort of arrangement, especially when dealing with Albuquerque home loans.

Effect on the Borrower's Credit

Just like the other solutions and devices that have been used to avoid the devastating effects of foreclosure and bankruptcy, opting for loan modification has its own ramifications on the borrower's credit history. Nevertheless, it is a much more acceptable option as opposed to getting a foreclosure.

When a borrower chooses loan modification his record will have an AC code marked on it. This is basically a sign that the individual has only made partial payments to the loan and has entered into a compromise agreement.

Some people will ask if that is a good sign - well, not entirely. It reflects poorly on one's credit history and ability to pay off one's debts. However, it also shows that one is willing to work things out in order to pay for one's debts. It's some sort of a good show to make up for one's shortcomings.

All in all, this is a pretty good option both for the borrower and the lender. The lender will have to wait a little longer before the entire debt has been paid. You might want to consider the benefits of this option when settling Albuquerque home loans.

Keywords: albuquerque home loans, albuquerque first time home buyers, albuquerque mortgage loans

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