Are you planning on applying for a loan modification? If you are, ask yourself three questions first. Basically, in loan modification, the terms of a loan are altered or changed in favor of the borrower, so it will be something that he could manage. Except for mortgage borrowers, those who are unable to keep up with regular loan repayments often choose a loan modification as an option. Otherwise nasty things like foreclosures and black listings with the credit bureaus can occur. Often, credit counseling is performed prior to taking any steps towards loan modification. It has been a mistaken notion that loan modification is the permanent cure for loan repayment problems. But that is not the case. In fact, loan modification has its own set of disadvantages that you must be fully aware of before going into it. You must answer three questions first before you decide to do anything about getting a loan modification.
View More Before Going For Loan Modification, Ask Yourself These Questions First