Have you seen those loan modification billboards up all over the valley? They show examples of monthly loan payments lowered from something like $4500 to $1800. I always wonder two things. First of all, who has a $4500 monthly payment? (Holy cow!) Second, what's the catch with these loan modification programs?
From a recent article in the Salt Lake Tribune, I learned more about these financing programs, which are part of the Obama administration's "Making Homes Affordable" program. It sounds like the program can help to lower a homeowner's payment, but it comes with a price. These programs can dramatically lower your credit score, making it much more difficult to obtain financing in the future. However, for those facing foreclosure, loan modification may be a viable option.
Check out the article for more information, http://www.sltrib.com/business/ci_14711988.
Or to get financing and home loan advice from top local mortgage experts, check out McArthur Homes' preferred Utah lenders.
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