Many homeowners face financial problems and thus cannot make their mortgage payments on time. Eventually, they end up with a foreclosure sale on their properties. Here are different ways to stop a foreclosure.
Learn your mortgage laws in your state
Having proper knowledge about your mortgage laws according to your state is very important to stay on top of the whole process and avoid foreclosure, since each state has different mortgage laws.
Contact your loan modification expert
It’s better to stay on your toes when it comes to avoiding foreclosure. In order to avoid any mistakes while making big decisions regarding your mortgage, contact your loan modification expert to get the best tips.
Know what options are available
Know what options are there for you in case you are facing foreclosure since there are many forms of loan modification mitigation or loss mitigation.
- Forbearance and repayment plans: The mortgage lender can give the facility of a time frame when the homeowner doesn’t need to pay mortgage payments. At the end of this period, the homeowner will have to pay back the missed payments in full or through a new payment schedule.
- Home Affordable Modification Program: This option comes from the government to help homeowners who are eligible for this program with their loan modifications.
- Deed in lieu of foreclosure: Here, you have to voluntarily hand over the property to the mortgage lender in exchange for a discharge of the debt.
- Short Sale: The homeowner can sale his house at the time of the foreclosure process if he gets any deal higher than the total value of the debt to fulfill all the contractual obligations.
These are a few but very effective options to prevent foreclosure. As long you have a loan modification attorney beside you, there’s nothing to worry about. Visit www.loanmoddepot.com for help.