When facing an impending foreclosure, a lot of scenarios, questions and possible solutions may run through your mind. It is not uncommon to find home owners abandoning their homes due to their inability to meet their monthly mortgage obligations. Additionally, market price drops for homes may be a big motivator for some home owners to abandon ship and lose their homes. While this might seem like an inevitable course of action, we at loanmoddepot.com would not like to see you lose your home but rather help you save it.
Introduced in 2008, loan modification options have grown considerably in the United States of America. Home owners now have a safe and legitimate way of saving their homes when faced with the possibility of a foreclosure. While the process is a lifesaving opportunity, many home owners still fail to secure a loan modification service. This may be due to a combination of different factors that may affect your chances in securing the facility.
The Role Of The Bank
A common extenuating factor as to why loan modifications fail is the unwillingness of banks to make the process more flexible for home owners. It is actually easier to secure a fist time home loan facility than a loan modification. This may be because banks do not have the necessary resources and infrastructure to understand the process of loan modification and deal with the numerous number of applications received.
The Role Of The Home Owner
Home owners also carry a large portion of blame when it comes to failed loan modifications. Proper research and understanding of loan modification mitigation is necessary in order for you to know if you are eligible for the program and what is expected of you. Enlist the services of a loan modification attorney to help you get through the rigorous pre-qualification and application stages.