You Can Stop Foreclosure Fast If You Act Now
Has your lender been hounding you over mortgage payments that are in arrears
? Perhaps you are 2 or 3 payments behind, and your lender is threatening you with foreclosure on your home. You are by no means alone in this situation. In today's difficult economy, many homeowners are in the same boat.
It may have been a job loss or some other unexpected setback that placed you in this position. In any event, if you take prompt action, it is possible for you to stop foreclosure fast.
You will need to communicate promptly once you have been told by your lender that your payments are late. The sooner that you undertake to work with the lender, the more likely it is that they will work with you.
There are a variety of ways in which you can stop foreclosure fast. In the case of a short period of unemployment, or some other misfortune of a temporary nature, the best solution might be a forbearance agreement. If your lender agrees to a forbearance agreement, you would probably have to pay a portion of the overdue payments up front, and the rest over a period of the next several months. This type of arrangement does not work well for most borrowers, because the make-up payments are in addition to their regular monthly payments. You may have to make a few sacrifices elsewhere in your budget, but if you have a steady income this is probably the quickest way to clear up the problem and avoid foreclosure.
Other available options to stop foreclosure fast include signing a deed in lieu of foreclosure, obtaining a short refinance loan, selling your home on a short sale, or qualifying for a loan modification agreement, or modification of mortgage
A loan modification agreement seems to be the best option for most homeowners who want to hold on to their home, because it typically results in lower monthly payments. This requires a permanent change in your mortgage terms whereby your mortgage lender either agrees to reduce the rate of interest on the loan, or they extend the total repayment period so that your monthly payments are brought down to a level that you can afford.
Thousands of homeowners all across the country have obtained a loan modification agreement. The good news is that thousands of homeowners have taken advantage of a loan modification agreement to save their home from foreclosure. The bad news is that, most lenders now have a ponderous backlog of non-performing home loans, and can be slow to respond to your calls and letters.
Understandably, many distressed homeowners are frustrated in their efforts to negotiate a loan modification agreement. It is not uncommon for them to be passed along from one lender's representative to another. They may be speaking to a different employee each time they call. The problem is that most of the people you talk to are reading from a script, telling you to send X dollars. They might tell you to send a payment, and lead you to believe that everything is OK, but they don't actually have the authority to make an agreement with you. You may find that, after sending in the payment you were told to, the banker continues with foreclosure proceedings anyway.
Best-case scenario is that you actually speak to someone in authority and succeed in negotiating a loan modification agreement. You then enter the next phase which can be a rather lengthy one . You will need to submit documentation, review, notarize and execute new loan documents, and oversee the entire transaction through escrow.
With all of these things in mind, you might want to consider enlisting the assistance of a loan modification expert. These professionals have experience in dealing with most of the mortgage lenders. They know who to contact with the authority to negotiate an agreement. They have the necessary negotiating skills to represent your interests, and often can save you thousands of dollars over the life of the loan. There is the added benefit of the peace of mind you will enjoy, knowing that all the important details of the transaction are being handled by a knowledgeable professional. The end result is that they stop foreclosure fast.
by: James Sopher
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