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.