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In Danger Of Being Foreclosed? A Hardship Loan Modification May Help.

In Danger Of Being Foreclosed? A Hardship Loan Modification May Help.

After being made redundant I found myself being 3 months behind on my mortgage

. I had never previously heard about a hardship loan modification - it's something you don't hear about unless it happens to you!I sort of gambled that I would get a job by then and like many things in life things don't usually turn out the way you plan.I t wasn't that I had buried my head in the sand or was ignoring the problem - it's that I thought it would get solved more quickly. One thing I learned the hard way is that you can't look after your wife and kids properly if you don't keep the roof over your head- I had focused on finding work first!It wasn't long before I was nearly 3 months in arrears and still had no work - I realized all of a sudden I had no savings and was potentially in danger of being foreclosed.

For a brief moment a feeling of panic came over me - there was a possibility that we could have our home foreclosed - we have lived there over 11 years!I tried to get a short term loan from my folks but they had limited resources. I went to a specialist foreclosure lawyer and she didn't want to help because I had no money and she wanted paid up front - She basically suggested taking it on the chin and looking for a place to rent!

Unless you've been through this you have no idea of the pressure- you can't think straight - you can't seem to make the right decisions, you have your wife and children to feed as well. Whether you like it or not you know you need help. I knew I needed help - but where was I going to get it?I went to Church and did some serious praying. Believe it or not this helped me put into view the things I had to do. On the following Monday I went to the reference section of my local library. You see the internet and papers are free there and I was able to find out some invaluable information.

I found out from the web that a hardship loan modification is designed to help home owners avoid foreclosure. Contrary to popular opinion most lenders are willing to discuss the circumstances that you find yourself in and come to an agreement that allows you to remain in your home. I was surprised to learn that some loan insurance companies were refusing to pay banks that had foreclosed on customers without giving them a chance to come to an arrangement. This gave me some hope!In Danger Of Being Foreclosed? A Hardship Loan Modification May Help.

The facts are that once a property is foreclosed the return to the lender is usually only 30% of the outstanding balance. This was great ammunition to have this knowledge before going through the loan modification process.

Since I'm not very clued up about financial information and how it has to be presented this was potentially a major stumbling block - I needed a helping hand. As I mentioned before I couldn't afford an attorney but I did find a company when I was researching at my local library that would help!

by: Jack DeMontfort
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In Danger Of Being Foreclosed? A Hardship Loan Modification May Help. Islamabad