What are the differences between foreclosure defense and loan modification?

Foreclosure defense and loan modification are two different strategies used to address mortgage delinquency. Foreclosure defense involves stopping a foreclosure proceeding and preventing the loss of a home. This is done by raising legal defenses and filing motions, such as a motion to dismiss, in order to stop or delay the foreclosure process. Foreclosure defense laws in Pennsylvania allow homeowners to challenge various aspects of the foreclosure process including borrower documents, notice requirements, and the procedures followed by the lender. Loan modification is another strategy used to address mortgage delinquency. It involves negotiating a new loan agreement with the lender to reduce the monthly payment, interest rate, or loan term. This can be done either through direct negotiation with the lender or through a government-sponsored program. Loan modification law in Pennsylvania enables lenders to modify a loan without triggering state foreclosure laws, meaning the foreclosure process will be stopped if the loan modification is successful. The main difference between foreclosure defense and loan modification is that foreclosure defense stops the foreclosure process, while loan modification enables the homeowner to renegotiate the terms of their loan. In Pennsylvania, foreclosure defense law is designed to protect homeowners from being forced out of their homes, while loan modification is designed to help homeowners stay in their homes by making the loan more affordable.

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What are the differences between foreclosure defense and loan modification?

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