How to Stop a Foreclosure
In 2008, millions of homeowners received a nasty notice of default, the beginning of foreclosure proceedings.. Many simply did not take the actions required to stop a foreclosure and lost their house. It’s foreseen that another 3 million late payment notices will go out in the next 12-18 months.
Are you on the list due to a financial hardship? Is your mortgage now more than your house is worth? Are you finding it virtually impossible to afford your hosue payments?
If so, the wonderful thing to know is you may be able prevent a foreclosure and save your home by filing a loan modification request.
What is a Mortgage Loan Modification?
A loan modification is a reconstructed agreement between you the borrower and lender with re-negotiated terms, interest and payments. Loan modifications are long-term solutions for home owners who are considering foreclosure.
Do You Qualify for a Mortgage Loan Modification?
Perhaps you lost a job, have incurred unexpected medical expenses, or your current adjustable rate mortgage skyrocketed so you can no longer afford the obligation. You’ve made every effort to pay the bills and save your home, but have simply hit unfortunate times and now find yourself bordering on the brink of bankruptcy.
A mortgage loan modification may be the solution!
Every lending institution has their own loan modification qualification criteria. Here are the most common:
* The unit is your number one residence
* You’ve experienced hardship or a change in economic circumstances
* You’ve missed two or three payments
* You have not initiated bankruptcy proceedings
* You are not purposefully not paying to get a loan modification
* You are willing to be honest, and provide all necessary paperwork
If you have not missed a payment you may still qualify for a loan modification if you can prove you are on the edge of economic collapse. This means, due to circumstances, you will eventually default on your loan if you don’t get some form of immediate financial relief.
How to Save Your House Now!
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