What’s the difference between loan modification and debt settlement?
Debt settlement typically involves working with a professional debt settlement company to negotiate with the creditors to whom you owe debts. Your creditor may, for example, accept a one-time payment of 20 – 75% of your total debt and forgive the remainder of your debt. Loan modification, however, simply changes the terms of your loan to make payments more affordable. It does not reduce the amount of money that you owe to the creditor.
Other Debt Relief FAQs
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Q:
Which debts are most likely to be settled for less than payment-in-full?
A: Most unsecured debts can be settled. An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store … More
Fixing Your Credit
Attorneys In Your Area
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Jeremy B. Atwood, L.L.C.
Ogden, UT
866-266-1846 -
Flynn & Associates P.C.
Cherry Hill, NJ
866-902-4047
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