Lenders are known to be difficult when it comes to loan modifications. But did you know that they benefit at least as much from the process as you do? The

main reason they balk at Mortgage Modification is that they have to train agents to handle them, and each case requires individual attention. But it also

saves them a good deal of time compared to foreclosure, and may even have a few long-term benefits. Here are some good reasons why your lender might prefer a

loan modification over a foreclosure.

Its faster and cheaper. In a foreclosure, there are specific wait times that allow the borrower to get current with their mortgage. Its not uncommon for

the process to drag on for almost a year. These delays can cost your lender a good deal of money. A loan modification, on the other hand, takes an average of

30 to 60 days. All they have to do is go over your documents, talk to your loan modification attorney, and see if you qualify. The negotiations are the

hardest part, but they dont cost quite as much as foreclosure expenses.

Its less work. To start the foreclosure process, your lender will have to assess late charges, file a Notice of Default, pay heavy lawyer fees, and arrange

an auction to sell your home. And if you manage to get back on track and stop foreclosure, all the work simply gets filed away. Loan modifications involve

less work on their part. You and your Loan Modification Attorney will do most of the work and provide most of the

documentation. Often, all they have to do is assess your case and decide what kind of mortgage assistance you will need.

It helps keep investors. Foreclosures are as damaging to your lender as they are to you. It may benefit them for now, but with the recent housing bubble, it

will eventually weigh them down. Investors dont want to deal with banks that have too many foreclosures on record. If they grant you a loan modification

instead, your payments will keep showing up on their records instead of being written as bad debt.

Of course, this doesnt make it any easier to get what you want from your lender. After all, youre still a liabilityand its important to prove that you

can get back on your feet. To get the best loan modification deal, you need a good lawyer who knows the what lenders need and can convince them that its the

wiser choice to settle a loan modification.