subject: Need to stop foreclosure immediately? Use loan modification [print this page] Author: Hector Milla
The current economic downturn has left a lot of individuals susceptible to facing foreclosure on their homes. When you are facing foreclosure, the important thing is to act fast. There are ways to try and stop the loss of your home. One way is using a loan to help stop the foreclosure. A stop foreclosure service that is available in the market today is loan modification. A loan modification is a permanent change on one or more terms of your mortgage loan. It is awarded to clients that make regular payments on their home but are unable to make the last amount that is due. The mortgage is therefore reinstated and it usually reflects an amount that the borrower can afford. Hector Milla Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out; It is a fast method of stopping foreclosure on your home and the negotiations with your lender are carried out by a specialist in this field. Facing foreclosure usually means that you have unpaid principle, interest, taxes or insurance on your home. Once the loan is modified, all or part of your current balance that you owe will be added to the reinstated loan If for one reason or the other you are unable to make payments at the current rate of your mortgage, you may modify your loan by renegotiating with your lender to extend your loan and therefore make it more affordable to pay off. Some immediate steps have to be taken to stop foreclosure of your home. First is to bring the loan current by making a Good faith payment to the lender. Next is to get together documentation that will prove your current situation and that will show you will be able to make the revised payments on time and last is writing an honest Hardship letter to the lender explaining why you were unable to make your payments on time... H. Milla added. Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.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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