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Loan modification is quite similar to mortgage refinance as both have an objective to make payments simpler for people who may be facing financial hardships. Loan modification can also be called as modified refinance. The line of difference lies in the fact that one has to get the loan refinanced in case of mortgage refinance that is look up for a new loan. In case of loan modification, one doesn’t have to look up for a new loan. Simply it is modified to make it affordable for the consumer. Loan modification is for people who have been unable to make their monthly mortgage payments due to financial hardship.

Modifying your loan? maybe debt consolidation /credit counseling can help you pay off your unsecured credit card debt and you WILL NOT need to modify your loan.

If you have a lot of credit card debt and this is why you want to modify your loan so you can make your monthly payments, you may want to consolidate your UNSECURED debts into one payment and you then may not need to modify your loan.

Loan modification is not an act of kindness, it is an act in the best interest of the bank. Modification of current loan is a product of current economic condition. According to Obama’s plan “Making Home Affordable” million of homeowners get into affordable monthly mortgage payments, either by home mortgage refinance or loan modification

What debt management benefits that you might not be aware of:
Other benefits of our Debt Management Plan
Include:

* No hidden fees
* Most creditor guidelines provide for lower interest rates
* No waiting period to get started
* $100 minimum balance required per account
* We can develop a sensible budget for you that you can live with.
* We will not terminate you from the plan if you are unable to fulfill established payment terms. Once we are notified, we work to further identify a plan that will accurately reflect your ability to pay off your debt.

A New Horizon can help you:

* Analyze your true financial situation
* Assist you with getting your finances under control with our credit counseling program
* Teach you budgeting techniques. Debt Consolidation can help.
* Develop a realistic budget you can live with.
* Share information on pertinent financial topics to make you financially responsible and literate
* When necessary, suggest the appropriate Financial Solution Program that fits your particular need
* Learn how to track spending, set aside money for emergencies and special occasions, and manage the repayment of your previous debts. Debt relief is just a phone call away.

More Info from the Author:

Read More about our program -- Debt Consolidation