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What is better: A refi or a loan modification?

April 26, 2017loan modification refi

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What is better: A refi or a loan modification?

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Loan modifications and refinances are entirely different animals. One is not better than the other. • In a refinance, a new mortgage is created and the existing mortgage is paid off. • In a loan modification, an existing loan is re-structured such that payments are more affordable.