In 2008, over 3.1 million unsuspecting home owners received a foreclosure notice. Most simply did not take the actions necessary to stop the foreclosure and they lost it all. It’s projected that another 3 million notices of default will go out in the next 12 months.
Is your mortgage more than your home would appraise for? Are you finding it virtually impossible to afford your monthly payments?
If so, the good thing is you may be able stop a foreclosure and reduce your payments by filing a loan modification request.
What is a Mortgage Modification?
A mortgage loan modification is a reworked agreement between you the borrower and home lender with new terms, interest and payments. Mortgage modifications are a long-term solution for homeowners who are find themselves on the brink of foreclosure or banruptcy due to financial hardship.
Do You Qualify for a Mortgage Loan Modification?
Perhaps you’ve lost your job, have incurred unexpected medical expenses, or your current adjustable rate mortgage skyrocketed so you can no longer afford the payment. You’ve made every effort to pay the mortgage and save your home from foreclosure, but have simply run across heavy times and now find yourself behind the eight ball.
A mortgage loan modification may be difference that makes all the difference! Every bank has their own loan modification qualification criteria.
Here are the most common:
* The property is your number one residence
* You’ve experienced hardship or a change in economic circumstances
* You are late two or three payments
* You have not initiated bankruptcy
* You are not purposefully defaulting to get a loan modification
* You are willing to be honest, and provide all required paperwork If you have not missed a loan payment you may still qualify for a loan modification and stop a foreclosure if you can prove you are on the edge. Meaning, due to circumstances, you will eventually default on your loan if you don’t get some type of financial relief.
How to Save Your House Now!
Free Mortgage Loan Modification 30 Minute Teleseminar reveals how to reduce your payments and save your house from foreclosure.