Refinance or modify while it’s still possible
As income and property values change, so do your chances to qualify
By Jack Guttentag, Monday, January 23, 2012.
Editor’s note: This is the first of a multipart series.
Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t.
Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make the payment affordable but haven’t.
The reasons in both cases probably include apathy, resignation and ignorance, but this article is about ignorance only. I find that many borrowers are even hazy about the difference between a refinance and a modification. Click here to read the rest of the article.