There are many aspects to modifying your payment terms that differentiate refinancing a mortgage to modifying mortgage. When refinancing, you may or may not move into a fixed interest rate. You may or may not decrease your payments. . The most significant benefits of a loan modification is that your credit score does not come into play. An attorney will negotiate with the bank on your behalf based upon your hardship. As such, your credit is not affected with the change. There are no closings needed in a loan modification, as such, there are no closing cost, no points being paid, no new title insurance fees, no application fees, etc.
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