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01 Dec 08 FDIC Loan Modification vs Mortgage Loan Relief Program

Once the homeowner’s modification is determined, the home loan lenders’ service company must perform a property valuation test between the cost of a loan modification and the estimated cost of foreclosure to provide modification results in a reduced cost solution to the investor. By providing an automated appraisal that compares the cost of restructuring the home loans and the estimated cost of foreclosure, the service company fulfills the terms of most home loan servicing agreements.

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