Have you been notified by your banker that your house payment is delinquent? Maybe you are 2 or 3 payments behind, and the mortgage lender is threatening you with foreclosure on your home. You are not alone in this predicament. In today's difficult economy, many homeowners are in the same boat.
Perhaps it was 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 quick.
You will need to respond quickly once you have been notified by your lender that your payments are late. By taking action early on, you will improve the likelihood that your lender will be able to work with you.
There is more than one way to stop foreclosure quick. 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. This is a short-term plan whereby your lender agrees to accept part of the back payments now, and then the rest over the next few months. Keep in mind that these make-up payments are on top of your regular house payment each month. 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 quick 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, or modification of mortgage
A modification of mortgage seems to be the best option for most borrowers who want to keep their home, because it usually results in reduced monthly payments. This requires a permanent change in your mortgage terms whereby the lender either agrees to reduce the interest rate on the loan, or they lengthen the total amortization period so that your mortgage payments are brought down to a level that you can afford.
Thousands of homeowners all across the country have gotten a modification of mortgage. The good news is that thousands of homeowners have taken advantage of a modification of mortgage to save their home from foreclosure. The bad news is that, most mortgage lenders now have a gigantic backlog of non-performing home loans, and can be slow to respond to your calls and letters.
It is easy to understand the frustration of many homeowners over their failed efforts to work out an agreement with their mortgage lenders. They often find that they are bounced around from one person to another, speaking to someone different each time they call. Most of the employees you talk to are a low-level clerk who has been taught to read from a script and give you boiler-plate answers. But, they don't have the authority to actually change any of the terms of your loan. You may find that, after sending in the payment you were told to, your banker proceeds with foreclosure proceedings anyway.
Best-case scenario is that you actually speak to someone in authority and succeed in negotiating a modification of mortgage agreement. You then enter the next phase which can be a rather lengthy one . This will involve submitting all the required documentation, reviewing, notarizing and executing new loan documents, and then overseeing the transaction through escrow until closing.
Depending on your disposition and amount of time available to deal with all of this, you might find it's more practical to get help from 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 expertise to go to bat for you in negotiations with your mortgage lender, possibly saving you thousands of dollars over the life of your 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 quick.
Perhaps it was 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 quick.
You will need to respond quickly once you have been notified by your lender that your payments are late. By taking action early on, you will improve the likelihood that your lender will be able to work with you.
There is more than one way to stop foreclosure quick. 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. This is a short-term plan whereby your lender agrees to accept part of the back payments now, and then the rest over the next few months. Keep in mind that these make-up payments are on top of your regular house payment each month. 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 quick 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, or modification of mortgage
A modification of mortgage seems to be the best option for most borrowers who want to keep their home, because it usually results in reduced monthly payments. This requires a permanent change in your mortgage terms whereby the lender either agrees to reduce the interest rate on the loan, or they lengthen the total amortization period so that your mortgage payments are brought down to a level that you can afford.
Thousands of homeowners all across the country have gotten a modification of mortgage. The good news is that thousands of homeowners have taken advantage of a modification of mortgage to save their home from foreclosure. The bad news is that, most mortgage lenders now have a gigantic backlog of non-performing home loans, and can be slow to respond to your calls and letters.
It is easy to understand the frustration of many homeowners over their failed efforts to work out an agreement with their mortgage lenders. They often find that they are bounced around from one person to another, speaking to someone different each time they call. Most of the employees you talk to are a low-level clerk who has been taught to read from a script and give you boiler-plate answers. But, they don't have the authority to actually change any of the terms of your loan. You may find that, after sending in the payment you were told to, your banker proceeds with foreclosure proceedings anyway.
Best-case scenario is that you actually speak to someone in authority and succeed in negotiating a modification of mortgage agreement. You then enter the next phase which can be a rather lengthy one . This will involve submitting all the required documentation, reviewing, notarizing and executing new loan documents, and then overseeing the transaction through escrow until closing.
Depending on your disposition and amount of time available to deal with all of this, you might find it's more practical to get help from 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 expertise to go to bat for you in negotiations with your mortgage lender, possibly saving you thousands of dollars over the life of your 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 quick.
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