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loan modification

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Icon Mini Profile greggwyburn





Joined: 13 Sep 2009

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Post Posted: Fri Sep 25, 2009 8:35 am    Post subject: loan modification
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I am confused. In most of the cases, people are opting for loan modificaion so that monthly mortgage payment remains affordable for them.

But on the other hand will it be a costly process for individual?
Icon Mini Profile sunnyca2009





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Post Posted: Sat Sep 26, 2009 10:51 am    Post subject:
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In the long term they may end up paying more in interest, if they keep the loan for the extened terms
Icon Mini Profile marklavender1





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Post Posted: Sat Sep 26, 2009 10:54 am    Post subject:
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yes. one has to pay back mortgage as fast as possible. reducing monthly installment simply means longer duration of mortgage. in other words you are paying more.

But you do not have any other option.
Icon Mini Profile kim090807





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Post Posted: Sat Sep 26, 2009 10:54 am    Post subject:
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Definately it is costly as you are paying more interest.
So one should select low term mortgage loans to minimise interest payable.
Icon Mini Profile marklavender1





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Post Posted: Sat Sep 26, 2009 11:01 am    Post subject:
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and you will get better interest rates with shorter duration mrtgage
Icon Mini Profile kim090807





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Post Posted: Sat Sep 26, 2009 11:03 am    Post subject:
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Yes in long run it will help and also you can negotiate with your lender.
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