I'll clear things up for you in this brief article and after reading, you should have more confidence in seeking a loan.
Usually I would state the top benefit first but I want you to take on board fully the content of this article.
With that in mind I have 'saved the best for last' as they say...
Interest Rates are Reduced When you get a modifying loan one of the immediate benefits will be the reduction in the rate of interest that you have on the mortgage.
This translates into a host of residual benefits but the most obvious is the impact on the amount you pay each month.
A reduced interest rate results into reduce payments and this should free up some cash for you to do other things.
Extended Life of the Mortgage This another feature of getting your loan modified.
If you had say an original 30 year mortgage and you are say 10 years in, you often will get a reset or even an even longer extension on the life of the loan.
This of course translates into lower monthly payments and again, the freeing up of some cash.
When there is an extension in the life of the mortgage you may also get a payment holiday.
Now this isn't assured with every modifying loan but is a benefit some people get.
Biggest Benefit of All - You Get to Keep Your Home I am sure you say this one coming.
If you didn't then I hope you think it's the biggest benefit of all.
As loan modification benefits go this is the one that will ultimately be more satisfying.
When your loan is modified, you are almost assured that your payment problems and any potential dangers of foreclosure are erased.
You'll have new loan arrangements, lower monthly payments, a longer time to pay off the loan, and above all a reduction in stress and headaches.
The above benefits should be enough to convince you of how prudent it is to get a modifying loan.
They are dead easy to get if you use a online loan modification company and the headaches of trying to save your home can be wiped out literally overnight.