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Thursday, March 5, 2009
In 2008, over 3 million unsuspecting home owners received a notice of default. Most of these people simply did not do what was neeeded to stop the foreclosure and they lost their homes. It's fully expected that another 3 million late payment notices will go out in the next 12 months.
Have you received a foreclosure notice due to a financial hardship? Do you owe more than your home is worth? Are you finding it next to impossible to afford your monthly mortgage payments?
If so, the wonderful thing to realize is you may be able stop a foreclosure and reduce your mortgage payments by filing a loan modification request.
What is a Loan Modification?
A mortgage loan modification is a reconstructed agreement between you the note holder and mortgage lender with re-negotiated terms and interest rates. Loan modifications can be the perfect solution for home owners who are considering a foreclosure or bankruptcy.
Do You Qualify for a Loan Modification?
Perhaps you've lost your job, , or your adjustable rate mortgage went through the roof so you can no longer afford the monthly payment. You've made every effort to pay the mortgage and save your home from foreclosure, buy you have hit upon unfortunate economic times and now find yourself behind the eight ball.
A mortgage loan modification may be the answer!
Every lender has their own mortgage loan modification qualification standards. Here are the most common:
* The unit is your main residence
* You've experienced hardship or a change in economic circumstances
* You've missed two or three payments
* You have not filed bankruptcy yet
* You are not purposefully defaulting to get a loan modification
* You are willing to be open and provide all required paperwork
If you have not missed a loan payment you may still qualify for a loan mortgage modification if you can prove you are on the edge of suffering a hardship. This means, due to the current circumstances, you will eventually miss payments if you don't get some type of immediate financial relief.
How to Prevent Foreclosure Now!
Have you received a foreclosure notice due to a financial hardship? Do you owe more than your home is worth? Are you finding it next to impossible to afford your monthly mortgage payments?
If so, the wonderful thing to realize is you may be able stop a foreclosure and reduce your mortgage payments by filing a loan modification request.
What is a Loan Modification?
A mortgage loan modification is a reconstructed agreement between you the note holder and mortgage lender with re-negotiated terms and interest rates. Loan modifications can be the perfect solution for home owners who are considering a foreclosure or bankruptcy.
Do You Qualify for a Loan Modification?
Perhaps you've lost your job, , or your adjustable rate mortgage went through the roof so you can no longer afford the monthly payment. You've made every effort to pay the mortgage and save your home from foreclosure, buy you have hit upon unfortunate economic times and now find yourself behind the eight ball.
A mortgage loan modification may be the answer!
Every lender has their own mortgage loan modification qualification standards. Here are the most common:
* The unit is your main residence
* You've experienced hardship or a change in economic circumstances
* You've missed two or three payments
* You have not filed bankruptcy yet
* You are not purposefully defaulting to get a loan modification
* You are willing to be open and provide all required paperwork
If you have not missed a loan payment you may still qualify for a loan mortgage modification if you can prove you are on the edge of suffering a hardship. This means, due to the current circumstances, you will eventually miss payments if you don't get some type of immediate financial relief.
How to Prevent Foreclosure Now!
About the Author:
Yes, a Mortgage Loan Modification can help you lower your payments and save your house. Find out more today.
posted by Credit Counseling at
7:30 PM
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