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Why Would the Lender Agree to a Mortgage Modification?

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Why Would the Lender Agree to a Mortgage Modification?

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The costs to foreclose and litigate on a property can cost them as much as $50,000. It makes more sense to negotiate with the homeowner to keep their home. However, if they can ensure a continuous revenue source that is locked in for say another 30 years, then it is clear that it is something they would prefer.

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