Many of my clients are approaching me asking if they should modify or short sale. A year ago I would have said modifications are an urban legend. However, in 2013, the word “modification” may actually have some meaning. Mortgage modification is defined as a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower. That sounds simple enough, the trouble is finding a modification that (1) a borrower qualifies for and (2) makes financial sense.
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