Do you find yourself falling behind on your house payments? Is your banker calling you and threatening to foreclose? If you want to keep your home, the best way to stop home foreclosure is to negotiate a modification of loan, also known as a loan modification agreement, with your banker.
There are presently several programs available that will result in a modification of loan. Did you ever wonder if you might be able to get a mortgage rate modification? Thousands of homeowners have discovered that a modification of their home loan is the most feasible solution to a mortgage that is in default. So, what types of situation increase the chances that you would be approved for a modification of loan?
You recently had a substantial financial hardship or joined the ranks of the unemployed.
As the saying goes, "stuff happens" and that "stuff" is often beyond our control. Perhaps your hours were cut back at work, or worse yet, you've been laid off. Or you may have had an illness in your family that not only required monetary support, but also required much of your time and resulted in lost time on the job. Auto accidents. Injuries. Unexpected events. The depressed economy reduced your income. These are all legitimate reasons for getting behind on a mortgage that you were otherwise able to afford. Setbacks like these are usually accepted by mortgage lenders as justification for doing a mortgage rate modification.
The market value of your home has dropped precipitously.
The real estate market has been in steep decline and home values are falling all over the country. Unfortunately, if you are "upside down" on your home loan (you owe more than the home is worth) you may not be able to get a modification of loan. People in this situation are generally better advised to do a short sale. Whichever applies to you, it would be a wise investment of your time to discuss your situation with a loan modification specialist. At the very least, they can help you to get approval from your lender for a short sale.
You have been unable to refinance your home loan.
Vast numbers of borrowers who are saddled with adjustable rate loans have tried to refinance. Sadly, only a small percentage of these people have gotten loan approval. Ever since the housing market went over a cliff and lenders started collapsing, it seems to have become almost impossible to get approved for a new home loan. The good news, however, is that many of those same homeowners have been able to reach a workout agreement with their lenders, and get their existing loans modified in a way that they can now afford the payments.
Those high loan payments are just too much for you.
In today's tough market, thousands of homeowners, through no fault of their own, have watched as their income drop substantially and now can no longer afford the home they once easily made payments on. You may be able to get a loan modification that makes your home more affordable. The alternatives could be either a short sale or a short refinance.
Are you facing a possible foreclosure and don't know where to turn for help? If you want to stay in your home, the loan modification programs now available offer a good way to stop home foreclosure. Call a loss mitigation specialist to negotiate with the lender and protect your interests. Explore your options, then don't waste any time getting help. A modification of loan can really help turn your financial situation around. You CAN stop home foreclosure if you take appropriate action, quickly.
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