The danger of a looming foreclosure is a nerve racking experience for families. It becomes trickier when children are involved, especially young children who might not be able to understand what is going on. Not only does the family’s financial stability get affected, even the children’s future is put in jeopardy. There are a few special foreclosure defense programs to help families tide over the crisis. The US government has introduced a number of loan modification options as well as refinancing options that can help families stop a foreclosure. A family would of course need to meet some requirements before availing a loan modification service. Reputable firms like Loan Modification Depot, which have a good track record can help such families stop an impending foreclosure.
You might be up to date on your payments, but can foresee some financial troubles in the near future. In such a scenario, you can try to get your loan refinanced via the government’s MHA (Making Home Affordable) scheme. However, you need to read the fine print carefully and also see what your final liabilities would be once you get your loan refinanced.
If you have already fallen behind on your mortgage payments, due to factors like unemployment, medical emergency, or a divorce, you can try checking your eligibility for loan modification help via the government’s MHA scheme. Get in touch with your lender to see if they are willing to modify your loan to make it easier for you to pay the monthly instalments. This can be done by reducing the interest rates, extending the loan repayment period or scaling down the principal on the loan. Loan Modification Depot can help you in this process.
You can also ask for additional time from the court for your children to finish school, or to look for solutions to your existing financial problems. This however depends on how you argue your case and the laws of the state you reside in.