What is the difference between loan modification vs refinance? If you have not defaulted, refinancing can help you get your finances in order and reduce your payment. If you have defaulted or fear you will default, loan modification can prevent home foreclosure without having to file for bankruptcy.

The loan modification process is complicated and can be challenging to do on your own. It requires you to fill out an extensive application, write a hardship letter, submit a large amount of documentation, have ongoing communication with your lender, and more. While getting the right deal on a loan modification could help you to avoid foreclosure without filing for bankruptcy, time is not on your side.

If you can’t make your mortgage payment, foreclosure lies ahead. You fear filing for bankruptcy is your only option. It may not be. By obtaining a loan modification in Maryland, you can save your home without ever having to file for bankruptcy.