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Late on your mortgage and not sure to work toward loan modification, short sale, or just letting the bank foreclose? Here’s what the bank will look at…

Many people are in this dilemma today and of the vast majority I speak to each week, there is not a strong understanding of how the banks look at these situations. Now, here is a tool being put out by the Treasury Department that will help assist homeowners in knowing more about the financial due diligence that lenders go through to determine if a loan modification will be a better choice for them over foreclosure.

 https://checkmynpv.com/

This is a great tool for people to use when evaluating their chances of loan modification versus foreclosure or even a short sale, and will help level the playing field, so to speak, when going over your options when on the phone with a loan servicer or lender directly. Too many in the public don’t realize that it’s these kinds of calculations that determine their fate. NPV stands for Net Present Value and it’s a calculation that helps to assess the time value of money.

Pass it on if you know someone who could use it.

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