How To Stop Foreclosure Immediately - Modifying Your Loan
Author: Hector Milla
Clearly foreclosures are the stuff of discussion everywhere in our society these days. Millions of people have lost their homes following job losses, loss of health or loss of spouse from divorce or illness, or simply reduction in the income they are taking home from layoffs and shortening of hours and benefits. Hector Milla Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out; There are other reasons as well and the worst of them are adjustable rate mortgages where people could qualify getting into the loan at the time of closing and then having the loan increase in payments beyond the ability of the borrower to pay The very best solution in the face of foreclosure is learning how to stop foreclosure immediately; modifying your loan. Stopping foreclosure against you is the very best thing you can do for your future because a foreclosure will destroy your credit for years and prevent you from purchasing another home for at least 4 years. Modifying Your Loan All you really need to do is get on the phone to your lender and ask them to modify your loan. It is in their best interests as well for you to not go into foreclosure because they will spend $30,000 or more in legal fees to go through the foreclosure process with you. In that case it is smarter for you to even try to get your home sold in a short sale rather than go into a foreclosure. The President has recently been working on this and Congress has been behind him in making it easier for you to modify your loan so that you do not go into foreclosure. Call your loan company and start the process. It is likely they will ask you to write out an explanation of what happened and provide documentation such as pay stubs to show your change in circumstancesH. Milla added. Again, the loan companies are up for this. They do not want your house and they do not want you to go into foreclosure. If you want to keep your house they are ready to help you. Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.comAbout the Author: