Loan Modification

It’s relatively easy to repossess a car if the person stops making their payments. It’s much harder to take away a house if the person stops making their mortgage payments. Also, the risk is less to the loaner: cars cost from $14,000-$30,000 on average over from one to six years, and that’s the most they will loan. For a mortgage, they may be loaning anywhere from $50,000 to a million dollars, to be repaid over 15 to 30 years. Most people with decent credit scores can hang in over five years and pay off the car, but will they be able to keep paying a mortgage over 30 years?

1st its cheaper, i mean the car versus real estates. and it is by far easier to get the car back once you stopped paying. cars depreciate, while the other one doesn’t.

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