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What is the Difference Between Loan Modification and Refinancing?
by Lindsy Emery on Apr 21, 2009
Instead of proceeding with the foreclosure action, most banks and lending institutions prefer to arrange a loan modification plan with the borrower. Thus, the terms of the loan will be changed and the borrower will be given a new chance to pay off the existing debt. When it comes to refinancing, there will be better loan terms as well but a number of fees and penalties to pay, which depend of course on the actual mortgage. This is one significant difference between loan modification and refinancing, but obviously not the only one.
Even though loan modification results in a lower interest rate, lenders have become interested in such programs given the worrying numbers of homeowners in default. They prefer to avoid default mortgages and to offer the borrower the opportunity to escape financial difficulties. Refinancing resembles loan modification in that it can guarantee a lower interest rate, but there are many differences one should be aware of. Homeowners are...Read More >>
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Difference between 0800 and an 0844 number
by Uzair
Both of them are non-geographical number, that is, they are not fixed to one particular location and their dialing prefixes do not represent a particular geographical area. For example, a business number prefixed with 0207 indicates that company premises are in the London area but one that starts with 0844 could be in London, Scotland or any where in the UK. They are commonly used for general business purposes and marketing campaigns. The difference is the way in which calls to the numbers are charged. Industry Regulations set price bands chargeable by callers for each number range....
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