CreditLoan.com Now Offers Educational Materials To Consumers on Mortgage Loan Modification

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While politicians and the media debate about the housing crisis and the current economy, these things are affecting many homeowners on a very real, very personal level

Tampa, FL (PRWEB) November 26, 2008

With tens of thousands of homeowners in trouble with their lenders, many are trying to find solutions that will keep them in their homes and leave them relatively unscathed. Most do not know what options they have, let alone how to gather enough information to make an educated decision.

CreditLoan.com provides free articles on subjects pertaining to mortgage loan modification, mortgage refinancing, home equity loans, and other options available to homeowners.

"While politicians and the media debate about the housing crisis and the current economy, these things are affecting many homeowners on a very real, very personal level," said Daniel Wesley, CEO of Credit Loan. "Our website's goal is to educate these people about their choices."

Struggling homeowners have a variety of options for avoiding foreclosure and short sales, such as mortgage loan modification and mortgage refinancing. However, it is important for homeowners to understand the differences so that they can make informed decisions about what approach would be best for them.

"Mortgage loan modification is not the same thing as refinancing, but many homeowners don't understand the benefits or even that it is available to them," Wesley said.

Basically, instead of trying to get a brand new loan at a lower rate with a new lender (refinancing), loan modification simply changes the interest rate of a homeowner's current loan, cutting monthly mortgage payments by as much as several hundred dollars. Since there is no new home loan, there are also no closing costs and no trying to find a lender who will offer mortgage refinancing at a reasonable rate.

The small catch is that one's lender has to agree to it. Because lenders typically only modify a small percentage of loans, mortgage loan modification may not be the solution to the mortgage crisis that many people think it is. Although mortgage loan modification is clearly beneficial to the homeowner, lenders do lose money when they modify a loan. Almost as much, some say, as when they foreclose on a home or approve a short sale.

Details such as these are imperative for homeowners to understand if they are to make an informed decision about which approach they want to take, which is where Credit Loan comes in. "CreditLoan.com provides a wealth of information to help homeowners stay ahead of the game, and hopefully stay in their homes," Wesley said.

For more information about Credit Loan or to browse articles on mortgage loan modification, mortgage refinancing, and home equity loans, please visit http://www.CreditLoan.com .

About Credit Loan, LLC
For more than ten years, Credit Loan has provided consumers with the information they need to make smart decisions regarding their credit and finances. With a wide variety of financial topics such as mortgage loans and home loans, home equity loans, personal loans, and credit cards, the Credit Loan website offers thousands of articles written specifically for troubled homeowners. To learn more, please visit http://www.CreditLoan.com .

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