A Foreclosure at Your Doorstep
A foreclosure occurs when a homeowner is no longer able to service their home loan adequately. This is occasioned by loss of income because of unemployment, divorce, health issues or low house value. When payments are defaulted, the loan financier possess the home in an attempt to sell it and get back unpaid dues. A foreclosure can be avoided through various mitigation means, including loan modification services.
Impending Foreclosure, What’s Next?
After receiving a Notice of Default (NOD), a house may be foreclosed within 30 to 120 days from getting the notice if the situation is not remedied. If you are going through this grace period then consider the following options to save your home.
Apply for a Loan Modification Facility – get all your financial records organized and consult the services of a loan modification specialist to get assistance on how to go about securing a home loan modification. With the assistance of a loan modification lawyer, prepare a hardship assistance letter outlining your financial situation and why you need assistance. Carry out extensive research on loan modification companies and find one that suits your situation.
Negotiate a Short Sale – find a buyer for your home before the grace period ends. Since the ultimate goal of the financier is to get their money back, it is highly unlikely that they will reject a ready buyer if available.
Declare Bankruptcy – the law prohibits any entity from collecting debt owned by a bankrupt entity. You may file for bankruptcy with the aid of a bankruptcy lawyer. It is, however, important to note that bankruptcy is just a stop-gap measure to buy you more time and it will not stop the foreclosure process indefinitely. Use this time to sell the house, find a job or secure financing.
Till date, a lot of homeowners have lost their precious homes due to foreclosure sales on their properties, since they could not make their mortgage payments on time. Many of them might have searched for a way to prevent the foreclosure, but could not find any and so they had to give up at some time. However, you don’t have to loose your home if you are facing a foreclosure because the secret to stopping a foreclosure is no longer a secret. One of the quickest ways to stop a foreclosure is getting a loan modification.
A loan modification is an agreement between the lender and the borrower to change the original loan agreement. In a loan modification, the due amount can be added after the loan, the interest rate can be reduced, the time for repayment can be extended, the monthly payments can be reduced or a combination of these can be used.
How to go about it?
There are many loan modification options offered by the government and the lenders. The lender can be directly contacted for some help by the borrower. This method is generally advised by the loan modification specialists, like loanmoddepot.com. It is much better to have a professional to negotiate on your behalf and get things done for you. An specialist will submit your file without missing any relevant documents. So there will be a higher chance of acceptation. There is no time to waste on the process because a foreclosure waits for no one.
At this point, you may be wondering whether or not a loan modification is certified. You may also want to know if it can really help you keep your house. Yes, loan modification is certified and it stops the foreclosure when accepted. Find a good loan modification company, like loanmoddepot.com to handle the process for you. The experience and knowledge from experts will help you get a long-lasting solution.
It is a typical act of many homeowners to just go ahead and make a mortgage agreement without the advice of a professional to avoid the fees involved, only to hit rock bottom when the same agreement becomes too hard for them to bear. Unfortunately, they are then faced with the possibility of a foreclosure sale on their properties.
What is happening?
A lot of troubled homeowners, for one reason or the other, are now trying to have loan modification consultation from professionals so as to avoid the mistakes many made in the past. But some of these so-called counselors are victimizing the homeowners who come to them out of desperation and pure frustration. Is it better to go for it on your own like you did when making the agreement that got you in trouble in the first place?
Who is suffering?
The victors in every story, as they say, have the honor of writing history. Banks claim they are also devastated financially just like the homeowners when a wave of financial downturn arrives. If this were true, the government might offer them a way out as they have for homeowners, but we would not know for sure.
Using reliable help
There are credible loan modification consultants like loanmoddepot.com that you can reach out to for affordable help in a financial crisis. Apart from the scammers, you will find trustworthy options if you keep your eyes open.
Discuss it with a professional
Banks cannot be fully trusted to think first of your interests. They might even be the ones advising homeowners to go for a loan modification tester without the help of an expert. Get advise from and expertise of professionals before approaching a bank so as not to fall right into their trap.
Everyone knows their own financial situation where bills and payments are concerned. If you see that your monthly payment and/or subsequent payments for your home loan are getting difficult to handle, you might need loan modification restoration to sort out the issues you are having. This method allows homeowners to avoid a foreclosure by reducing the amount they have to pay monthly. This also helps them make monthly payments with ease.
The modification process, however, is quite tedious and the average homeowner might find this process too hard to handle on their own. In this case, they require the services of an attorney or a loan modification firm for loan modification inspection and counseling. Good companies like loanmoddepot.com offer affordable loan modification services that homeowners can use and benefit from. Some people may need reasons to hire a loan modification attorney and here are some of those for them:
They have the power to carry out litigation and will do so on your behalf when the need arises. You cannot otherwise handle this yourself.
They have extensive practical knowledge and are familiar with the loan modification turf, so they know what to avoid and what works in what situation.
They can properly understand and interpret different complicated features of a financial agreement and catch what you might otherwise miss.
Hiring an attorney, you will be able to save you more money in the long run that you would have otherwise lost by making a mistake when going on your own.
Since a competent loan modification attorney is familiar with the whole procedure, they can help make the process faster and save valuable time.
Loan modification is a good way of saving your home from a foreclosure, but the process of applying is hard and getting approved is even harder. Statistics show that 3% and lower of applications are actually approved while millions of homeowners are behind on their monthly payments. With this level of hardship, one must be ready to try their best so as to save their home. Many loan modification companies exist to help the suffering homeowners and one of them is loanmoddepot.com. A lot of homeowners who opt for a short sale never want to do this, but the hardship of loan modification mitigation is so much that they have to give up sooner or later.
For a loan modification, the bank usually requires 3 months of bank statements, 3 months of paycheck stubs, letter of hardship, detailed financial analysis and tax returns for 2 years.
Do you really qualify for a loan modification?
- Firstly, you must decide if the monthly payment is affordable for you and figure out what is affordable if this is not so.
- Add the sum you can pay to your other monthly bills.
- After adding everything, you should double the total amount. If the total is up to or more than what you earn then you can afford the house.
If you did not pass the above loan modification inspection, you need to swing into action for getting a loan modification.
Things to note
Short term sales are not beneficial to you or the bank, but only to the lender. They might not want to renegotiate your original agreement to force a short sale, but a loan modification specialist can help you pass the hurdles this situation poses.
The method of loan modification is becoming a more typical one in the United States, since the rate of foreclosures is steadily increasing. A large number of homeowners are running into financial despair and so the lenders have become more open to changing the terms of the original agreements. Some of these lending companies are realizing the advantage of working with borrowers and the positive effect it has on keeping their companies running.
This loan modification is referred to as mortgage modification by some, though it means the same thing. It allows for renegotiation in the terms, making room for lesser monthly payments by the homeowners. Those at a stage of financial crisis can have a chance to avoid a foreclosure because of this, as the new payment agreement might be more lenient and bearable for them.
Why working together is advantageous
It is beneficial for both the borrower and the lender to come together so as to find a more suitable plan for helping them move forward. The real estate market of today is not even much conducive to consider the quick sale option, as you will be insuring a great loss seeing that the value of your home might go down.
A Reasonable solution
Not every bank will offer such options, but it is worth to ask about loan modification testing and other viable options. For a successful loan modification inspection, you will need to provide accurate and updated documents so as to support your case. Many competent loan modification companies, like loanmoddepot.com exist to help homeowners go through the process and ensure a higher chance of success and foreclosure avoidance.
To avoid a foreclosure, many homeowners flock towards the loan modification option that seems to work wonders. Although the process can be tough, the whole idea is not so hard as many homeowners think. Having accurate and complete information about the process, eligibility, requirements and so on goes a long way to achieving success. An online loan modification company can provide such information so that you get well equipped before meeting the lender or the insurance company. If you have no idea regarding how to find out a helpful company, start by looking at loanmoddepot.com.
Loan modification tips
- When you will notice you would not be able to make the next payment on your mortgage, it is advisable to reach out to the lender before they reach out to you with a ‘notice of default’
- Prepare a letter of hardship for the lender and submit it along with financial proof. This has to be a very candid letter with no lies or misinformation of any kind.
- Use a certified mail method to send this important letter and make sure to get a receipt of the letter being received.
- Make a phone call or contact the mortgage company or bank through other possible means.
- Record all correspondence diligently
- Get accurate information about policies and use it
- Be sure about how much you can afford as monthly payments
- You can seek help from a professional loan modification consultant.
Don’t miss out on the opportunity to save your precious house through the loan modification options awaiting you to be used. Take advantage of it and be well armed with the necessary steps on how to handle the entire process for success.
Loan modification has been introduced in the form of different schemes but its ultimate aim is the same: to help people keep their homes when facing financial hardship by reducing their monthly payments, extending the time for payment or renegotiating the interest rate for payment. A foreclosure is a difficult, demeaning and frustrating procedure to go through and people should have a chance to keep their homes instead of loosing them because of the circumstances they could not predict. Loan modification consultation is even offered for free by some online companies so that the borrower knows the right path to follow from the onset. In the world of loan modification, questions are often asked about who can qualify for a loan modification and what terms can be modified after the qualification.
You have to be eligible to apply for a loan modification by fulfilling some requirements. Some of those requirements include your desire to save your home, mortgage was signed before January 1st 2009, you want to save your primary residence, you have a criminal record and at risk of getting back to old habits due to hard times, your monthly mortgage payment exceeds 31% of your total monthly income, you have not been convicted of a case relating to real estate fraud and you have proof of certified income to handle modified payments. Any loan modification firm, like loanmoddepot.com can help with your application.
After clearing eligibility, the question of what can be modified lies unanswered. With the help of a good loan modification company, your lender can use one or a combination of three different tools to modify your loan. They can extend the length of the loan by up to 40 years, reduce your interest rate or defer part of the principal amount to payment with little or no interest.
Paying a substantial amount in mortgage payments every month can be a real pain and a drain financially. A loan modification company can help you with this problem and get a loan modification that may reduce the monthly payment. A reliable company will handle your needs, specifically fine tuning the costs involved, what your new monthly payment will be and for how long.
Reliable loan modification consultant
The procedure of loan modification is not an easy one and the help of a reliable company is needed, even on a consultancy basis. An expert understands all the angles and can see your specific needs more clearly when they know your financial situation. This will undoubtedly lead to the very best form of advisement that will improve your situation greatly. Talking to an expert in the field is a tremendous idea that may increase your chances of solving the problem. At the end of the day, choosing the best option will be easy for you.
Finding a company online
There are several loan modification companies like loanmoddepot.com out there. The easiest and fastest way to find them is searching online. Picking the first option at the top of your search result is not the way to go because they might not be the right fit for you. You have to consider the history of the company as well as customer reviews and customer care ratings. You don’t want a loan modification expert that is only so by name, but a lazy worker in reality who does not care about clients. The process of finding a company online is almost effortless, fast and easy.
Foreclosures are becoming a reality for many homeowners, as their rate is increasing day by day. A home loan modification is a great way out for those facing such possibilities. You don’t have to wait for the prospect of loosing your home to knock at your front door before taking some kind of action to stop it. Companies like loanmoddepot.com have been helping families avoid a foreclosure with a loan modification for years, and finding lasting terms and solutions for them.
How to handle the possibility?
If you are already faced with the possibility of facing a foreclosure, there is a way to grab the problem by the horns because it has not taken you out yet. One loan modification tip is to begin by never ignoring calls, messages or emails from your lender. If you find out about the impending trouble early enough, you can start looking at a solution on time and have better chances at actually achieving something. Getting a good company or attorney early enough will give you time to work out all your options and take the best possible way out. An attorney will even give you their loan modification costs early so that you don’t aggravate your financial conditions.
Leave it to experts
When you are faced with a foreclosure, don’t give up; since there are many options to explore towards a beneficial solution. You will have great chances with expert help from a loan modification firm or professional. Trying to handle it all on your own will only increase your stress levels and frustrations. You might end up making a costly mistake because of this. Let their experience and knowledge work in your advantage and produce good results.