subject: Avoid Foreclosure Loans - Option For Stopping Foreclosure Immediately [print this page] Author: Hector Milla
If you have found yourself in a position of being several payments past due and on the brink of foreclosure, you may be tempted to get a foreclosure loan. This is probably not a good idea though since you already had a hard enough time making your mortgage payments. By adding on another monthly obligation, which would most likely carry a large interest rate, you are only setting yourself up for trouble once again. The idea is to get your expenses in order, not making more of them. Natalia Osorio Editor of the "Loan Modification Foreclosure" website -- http://www.LoanModificationForeclosures.com -- pointed out; The reason so many people think about getting these loans is that they feel that it is an instant way to stop the foreclosure and possibly the only way they have out of the mess that has been created. The truth is though, that is not the case at all. One thing that you want to keep in mind is that mortgage companies are in the banking business, not the real estate business. The bank does not want your home; they simply want your money Because of this fact, many mortgage companies have special departments that handle hardship cases. This is the department you will want to get into contact with. Many mortgage companies have repayment plans, forbearance plans, and loan modifications that they can set customers up on. These options will immediately stop the foreclosure process and set the customer on a path to get their mortgage up to date. As long as the customer keeps up with their end of the deal, the account will be brought up to date and there will be no fear of a pending foreclosure. So before you start filling out loan applications, talk with your mortgage company and see what options they have for stopping the foreclosure of your home before it is too late N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.comAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
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