How to Stop a Foreclosure
Posted on May 18, 2009 in the Foreclosures category
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[I:http://3minutestomidnight.org/wp-content/uploads/EdWinsten0.gif]In 2008, over 3 million unsuspecting home owners received a notice of default. Many did not take the simple actions needed to stop a foreclosure and they lost it all. It’s fully expected that another 3 million foreclosure notices will go out this year in 2009.
Have you received a foreclosure notice due to a financial hardship? Do you owe more than your home is worth? Are you finding it next to impossible to afford your monthly house payments?
If so, the great news is you may be able stop foreclosure and reduce your mortgage payments by filing a mortgage modification request.
What is a Mortgage Modification?
A mortgage modification is a restructured agreement between the borrower and home lender with re-negotiated terms and interest rates. Mortgage loan modifications can be the perfect solution to stop foreclosure for borrowers who are find themselves on the brink of foreclosure or banruptcy.
Do You Qualify for a Mortgage Modification?
Perhaps you’ve lost a job, have incurred unexpected medical expenses, or your current adjustable rate mortgage went through the roof so you can no longer afford the monthly payment. You’ve made every effort to save your home and stop foreclosure, but have run across hard times and now find yourself behind on payments.
A loan modification may be the answer!
Every lending institution has their own loan modification qualification standards. Here are the most common:
* The house is your primary residence
* You have had a financial hardship or a change in economic circumstances
* You’ve missed 2 or 3 payments
* You have not initiated bankruptcy proceedings
* You are not purposefully defaulting to get a loan modification
* You are willing to be open, honest, and provide all required documentation
If you have not yet missed a loan payment you may still qualify for a mortgage modification and stop foreclosure if you can prove you are on the edge of suffering financial hardship. This means, due to circumstances, you will eventually default and miss payments if you don’t get some type of financial relief.
How to Prevent Foreclosure Now!
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4 Responses to “How to Stop a Foreclosure”
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How does this work with Investment Properties?
a friend of mine has a lot of rental properties that are underwater
Jack
How much success have you guys had doing loan modifications?
hey nice post thanks for sharing this
I am also very keen to know how much success you guys can guarantee while doing loan modifications.