In 2008, millions of homeowners received a foreclosure notice. Many simply did not do what was required to stop a foreclosure and lost it all. It’s expected that another 3 million foreclosure notices will go out in 2009.
Have you received a notice of default due to a financial hardship? Do you owe more than your house is worth? Are you finding it virtually impossible to afford your mortgage payments?
If so, the good thing to realize is you may be able stop a foreclosure and save your house by filing a loan modification request.
What is a Mortgage Loan Modification?
A mortgage loan modification is a reconstructed agreement between you the borrower and bank with new terms and interest rates. Mortgage loan modifications can be the perfect solution to prevent foreclosure for homeowners who are find themselves on the brink of foreclosure.
Do You Qualify for a Mortgage Loan Modification?
Perhaps you’ve lost a job, got slammed with unexpected medical expenses, or your original adjustable rate loan skyrocketed so you can no longer afford the payments. You’ve made every effort to pay the bills and save your home from foreclosure, buy you have trafically hit upon unfortunate times and now find yourself bordering on the brink of bankruptcy.
A mortgage loan modification may be difference that makes all the difference!
Every bank has their own mortgage loan modification qualification standards. Here are the most common:
* The property is your principal residence
* You’ve had a financial hardship or a change in financial circumstances
* You’ve missed two or three payments
* You have not yet filed bankruptcy
* You are not purposefully not paying to get a loan modification
* You are willing to be open, honest, and provide all necessary paperwork
If you have not yet missed a payment you may still qualify for a mortgage modification and stop a foreclosure if you can prove you are on the edge of suffering a hardship. This means, due to the current circumstances, you will eventually miss loan payments if you don’t get some financial relief.
How to Stop Foreclosure Now!
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