How a Mortgage Loan Modification Can Be Used To Prevent Foreclosure (See video)
Mortgage loan modifications are becoming more and more common, with the rising foreclosure rates in the United States. Until recently, mortgage companies have been reluctant to provide help to people facing foreclosures by utilizing a mortgage modification program.
Lenders are starting to use them more often not with the huge influx in homeowners that are in jeopardy of losing their home to a foreclosure. The lenders have come to realize that by working with the homeowners they have a chance at taking additional loses that are putting many mortgage companies into bankruptcy.
What the heck is a Mortgage Mod?
A mortgage modification or often times called a loan modification, allow borrowers the opportunity to re-negotiate the terms of their mortgage loans, thereby reducing the required monthly payment. This option gives people facing a financial hardship the chance to save their home from a foreclosure. Establishing a new payment plan trough a successful mortgage modification will help you avoid foreclosure.
So who’s to say they’ll do it
Lenders and borrowers have many reasons to work through this hard situation together, and establish a suitable plan that works for all parties involved. Selling your home may not be an option, especially with today’s market conditions and the circumstances that have caused this unfortunate situation to begin with.
Therefore, if your home is to be saved from foreclosure, you and your lender will have to work together.
Easier said than done
Mortgage modifications are often times a reasonable solution to prevent foreclosure. By negotiating a new payment, structure lenders still get their money and the borrower is able to keep their home. However, negotiating a mortgage modification is not that simple.
Successful loan modification will require documentation to prove your current financial position with the lender. This information is also use to verify your ability to pay the new loan if the bank is willing to work with the homeowner.
Is a loan mod for you?
While not all banks offer this type of solution, it never hurts to talk to them and find out. Who knows; it may be just what you need to prevent losing your home to a foreclosure. Lenders are starting to work more with borrowers facing foreclosure.
In these difficult times, lenders do not want your home. They are in the business of lending money not property management and with close to 2 million homes in foreclosure, lenders are running out of options too. Qualifications for this type of solution, may be difficult and time consuming, but keep in mind what your goal is. Protect your most valuable asset, save your home from foreclosure with a mortgage loan modification.
Are you or somebody you know about to lose their home?
Please believe there are ways to get help and it starts with you or somebody you know realizing that THEY (or YOU) NEED HELP.
Going through a foreclosure can be extremely stressful and take a lot out of you. I find the best way to deal with stress is to analyze the situation; if you’ve exhausted every possible option with no positive outcome, then it’s time to realize that you are in a situation that is out of your control and just go with the flow.
Don’t waste time stressing when you could be thinking of ways to get out of the current situation.
Here’s help for you or somebody you know
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