Stop Foreclosure With A Loan Modification
Many people who are facing foreclosure don't know that a loan modification is an option
. What exactly is loan modification? Loan modification consists of several elements to help a person stop the foreclosure process and be able to stay in and keep their home.
The first thing to understand is that time is of the essence if you are facing foreclosure, or if you know that foreclosure is imminent. We would absolutely suggest using a foreclosure law firm to help you begin the process of loan modification. By using these types of lawyers, you will have the experience that you need on your side to be able to give yourself the advantage and legal power to stop the foreclosure process and keep your home. Once you have selected the legal team that you feel comfortable with having represent you, they will contact your mortgage company.
The foreclosure lawyer will explain your situation and help them understand that the current payments are too high and un payable. The mortgage lender will usually be willing to negotiate a loan modification as they don't want to have to go through the costly ordeal of foreclosing on a property. Your lawyer will re-negotiate your mortgage loan to get a lower payment, lower interest rate, and convert your mortgage to a fixed program if it is an adjustable rate program currently. These negotiations will completely change everything about your loan so that it is possible for you to make the monthly payments and keep your house.
We would absolutely recommend using a legal team to do this negotiating process as most people do not have the education nor the financial background to negotiate large sums of money and terms that a mortgage contains. The legal team that you choose will have the experience to be able to work out workable terms so that you can get a mortgage loan on your current property that will fit better with your financial situation and budget constraints. As we mentioned earlier, it is imperative that you call your legal team sooner than later if you are worried about having to lose your home to foreclosure. The reason for this is that many banks have options available to re-work your mortgage constraints, but these windows of opportunity are time sensitive. If you wait too long, there will be nothing that bank can do for you but foreclose on your home. Too many people end up losing their homes because they waited too long to get the help they needed. Don't be one of these people and contact your foreclosure law firm the second you feel that a foreclosure situation could be imminent.
As you can see, a loan modification is a great way to stop the foreclosure process, or to even keep the foreclosure process from even happening in the first place. Through the use of a highly skilled lawyer and team, you will most likely be able to get your mortgage rate, payment, and terms changed to better fit your budget constraints so that you can stay in your home and keep it. This is a win-win situation for both the bank and the consumer, so make sure you use the resources available to you if foreclosure is a real possibility.
by: Richard Gord
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