How To Stop Foreclosure Now
The current tumultuous economy, with its disastrous unemplyment rates and extraordinarily high levels of consumer debt, has many homeowners now confronted with the possibility of foreclosure on their homes. You might find yourself in this situation due to loss of your job, unexpected repair expenses on your home or car, illness in the family, or some other financial hardship If so, it is possible to stop foreclosure now if you act quickly.
What I mean is, just as soon as you have been notified by your mortgage lender that your mortgage payments are past due, you must contact them. The sooner that you acknowledge this problem with the lender, the better the odds are that they will be inclined to cooperate with you.
There are various ways that can help stop foreclosure now. One such method is known as a forbearance agreement. This is a short-term arrangement with the lender in which the homeowner pays a portion of the arrearage right away and the rest of it over several months. This is a difficult arrangement for most people, as the make-up payments are in addition to the regular mortgage payment each month.
Other alternatives include obtaining a short refinance loan, the sale of your home with a short sale, executing a deed in lieu of foreclosure, or obtaining a loan modification of the existing mortgage
Homeowners wanting to stop bank foreclosure and keep their home find, in most cases, that a loan modification is their preferred solution. This is a permanent change in the terms of your loan whereby the lender may either reduce the rate of inerest on the loan, or they may lengthen the amortization period so that the monthly payments are reduced to a more affordable level
Loan modifications have become a very popular method to stop foreclosure now. Unfortunately, many mortgage lenders are backlogged with delinquent accounts, and thus they are especially slow to deal with. Far too many homeowners have been frustrated in their attempts to work out a loan modification agreement with their mortgage lenders. They frequently are transferred from one low-level employee to another, giving them a feeling of getting the runaround. Borrowers are often told by some clerk to send money immediately. The borrower may think this action will stop the foreclosure process, not realizing that the clerk they spoke with has no authority to change any terms of their loan. At best, it can be a very time consuming process of submitting documentation, reviewing and signing new loan documents, and nursing the complete transaction through escrow.
The above points are all sound reasons why you probably should consider using the services of a professional loan modification expert. Experienced professionals have the expertise to negotiate with the lender on your behalf and can save you thousands of dollars over the life of the loan, not to mention the peace of mind you'll enjoy by having all the details attended to.
What I mean is, just as soon as you have been notified by your mortgage lender that your mortgage payments are past due, you must contact them. The sooner that you acknowledge this problem with the lender, the better the odds are that they will be inclined to cooperate with you.
There are various ways that can help stop foreclosure now. One such method is known as a forbearance agreement. This is a short-term arrangement with the lender in which the homeowner pays a portion of the arrearage right away and the rest of it over several months. This is a difficult arrangement for most people, as the make-up payments are in addition to the regular mortgage payment each month.
Other alternatives include obtaining a short refinance loan, the sale of your home with a short sale, executing a deed in lieu of foreclosure, or obtaining a loan modification of the existing mortgage
Homeowners wanting to stop bank foreclosure and keep their home find, in most cases, that a loan modification is their preferred solution. This is a permanent change in the terms of your loan whereby the lender may either reduce the rate of inerest on the loan, or they may lengthen the amortization period so that the monthly payments are reduced to a more affordable level
Loan modifications have become a very popular method to stop foreclosure now. Unfortunately, many mortgage lenders are backlogged with delinquent accounts, and thus they are especially slow to deal with. Far too many homeowners have been frustrated in their attempts to work out a loan modification agreement with their mortgage lenders. They frequently are transferred from one low-level employee to another, giving them a feeling of getting the runaround. Borrowers are often told by some clerk to send money immediately. The borrower may think this action will stop the foreclosure process, not realizing that the clerk they spoke with has no authority to change any terms of their loan. At best, it can be a very time consuming process of submitting documentation, reviewing and signing new loan documents, and nursing the complete transaction through escrow.
The above points are all sound reasons why you probably should consider using the services of a professional loan modification expert. Experienced professionals have the expertise to negotiate with the lender on your behalf and can save you thousands of dollars over the life of the loan, not to mention the peace of mind you'll enjoy by having all the details attended to.
