Stop Foreclosure Now - Don't Wait Another Day!
The current unsettled economy, with its disastrous unemplyment rates and unusually
high levels of consumer debt, has many homeowners now being threatened with foreclosure on their homes. You might find yourself in this situation due to loss of your job, unexpected repair expenses on your home or car, illness in the family, or some other financial hardship If this is the case, it is possible to stop foreclosure now if you act quickly.
This means that once you are notified by your lender that your payments are in arrears you need to answer in a timely manner The more promptly that you acknowledge this situation with your lender, the better the odds are that they will be inclined to cooperate with you.
There are a number of approaches that can help stop foreclosure now. One is a forbearance agreement, a short-term repayment plan with the homeowner agreeing to pay a portion of the arrears immediately and then paying the rest over a period of several months This is an unpleasant arrangement for most people, as the make-up payments are in addition to the regular house payment each month.
Other methods to stop loan foreclosure are the selling of your home on a short sale, obtaining a short refinance loan, granting a deed in lieu of foreclosure, or obtaining a modification of the existing loan.
Homeowners wanting to stop bank foreclosure and keep their home find, in most cases, that a loan modification is their best solution. This is a permanent change in the terms of your loan whereby the lender may either reduce the interest rate on the loan, or they may lengthen the amortization period so that the monthly payments are lowered to a more affordable level
Loan modifications have become a very popular method to stop foreclosure now. Unfortunately, many mortgage lenders are backlogged with delinquent accounts, and thus they are especially slow to deal with. Many homeowners have tried, and failed, to negotiate a loan modification agreement with their bankers. They frequently are transferred from one low-level employee to another, giving them a feeling of getting the runaround. Borrowers are often told by some clerk to send money immediately. The borrower may think this action will stop the foreclosure process, not realizing that the clerk they spoke with has no authority to change any terms of their loan. Even if you manage to speak to someone in authority, and successfully negotiate a loan modification agreement, it will still be a time consuming process. You will have considerable documentation to submit, review, sign, and notarize new loan documents, and carefully oversee the entire transaction through escrow.
Not everyone has the time or temperament to successfully negotiate a loan modification agreement. You may wish to consider enlisting the services of a professional loss mitigation expert. Experienced professionals have the expertise to negotiate with the lender on your behalf and can save you thousands of dollars over the life of the loan, not to mention the peace of mind you'll enjoy by having all the details attended to.
by: James Sopher
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