2. What Is Mortgage Modification? A mortgage modification can be a great alternative to both Santa Barbara foreclosures and Santa Barbara short sales. In a mortgage modification scenario a lender will generally change one or several of the following. * Your interest rate * Your principal balance through a reduction * The terms of your loan and example being from adjustable to a fixed rate mortgage. Click Here to Avoid Mortgage Modification Scams

3. Why Do Lenders Modify Mortgages? Many lenders especially in recent times have come to the realization that in many cases it's actually better for them to work with current homeowners into lower payments and even improve the terms of mortgage to keep homeowners in their homes. Foreclosures actually cost lenders quite a bit of money and can range anywhere from 35 to 50% of the value of the property that is being foreclosed on. This means a keeping borrowers in their homes is good for everybody not just the lender.

4. Affordable Refinance, What Is It? Affordable refinance is actually quite simple. If you're lender is either Fannie Mae or Freddie Mac you may be eligible for an affordable refinance. This simply allows homeowners refinance their home and lower their monthly mortgage payments. Speaking with a Santa Barbara real estate agent and working closely with one will help you determine whether or not this option is available to you.

5. Contact Timm Delaney! 3868 State Street Santa Barbara/Montecito, CA 93105 Phone: 805-895-1109 Email: [email_address]