Stop Foreclosure with a Mortgage Loan Modification

May

17th

Author: Bill Rylie | Files under Loans

by Ed Winstein

In 2008, millions of unsuspecting homeowners received a notice of default. Many simply did not take the actions neeeded to stop foreclosure and lost it all. It’s fully expected that another 3 million foreclosure notices will go out this year.

Do you owe more than your house is worth? Are you finding it virtually impossible to afford your mortgage payments?

If so, the good thing to know is you may be able stop foreclosure and reduce your mortgage payments by filing a mortgage modification request.

What is a Mortgage Loan Modification?

A mortgage modification is a restructured agreement between you the note holder and home lender with updated terms and interest rates. Loan modifications can be the perfect solution to stop a foreclosure for homeowners who are find themselves on the brink of foreclosure.

Do You Qualify for a Loan Modification?

Perhaps you’ve lost your job, got slammed with an unexpected medical emergency, or your original adjustable rate loan went through the roof so you can no longer afford the monthly payment. You’ve made every effort to pay the mortgage and save your home, but have simply run across heavy economic times and now find yourself bordering on the brink of disaster.

A mortgage modification may be the answer!

Every lending institution has their own mortgage modification standards. Here are the most common:

* The property is your primary residence

* You’ve experienced financial hardship or a change in circumstances

* You’ve missed two or three payments

* You have not filed bankruptcy yet

* You are not purposefully not paying to get a loan modification

* You are willing to be open, honest, and provide all required paperwork

If you have not yet missed a payment you may still qualify for a loan modification and stop a foreclosure if you can prove you are on the edge of economic challenges. Meaning, due to unforeseen circumstances, you will eventually default and miss payments if you don’t get some type of financial relief.

How to Save Your Home Now!

About the Author:

Yes, a Loan Modification can help you lower your payments and save your house. Find out more.

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