Apply for a Loan Mod, or Walk Away?

January 24, 2011  |  

(Bankrate) — If you have a hard time making your mortgage payment, then you’ve probably thought about applying for a home loan modification from your lender. Loan mods are hard to get, though, and some homeowners choose to give up their homes to foreclosure.  Homeowners generally want to make good on their home loans, says Dean Wegner, a mortgage specialist in Scottsdale, Ariz., and author of the book “Life After Foreclosure.” But, he says, when homeowners have trouble paying, they should consider the pros and cons of all their choices — including walking away from the mortgage.

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