Are you behind on your mortgage payments?
Do you need help preventing foreclosure?
Is your house about to be sold at a foreclosure sale auction?
Have you been trying to get help from your mortgage company but they have been slow, or uncooperative?
Have you been turned down for a loan modification by your lender?
Does your lender keep asking for your paper work over and over again even though you have repeatedly sent it to them multiple times?
Are you in an adjustable rate mortgage, or a balloon mortgage note?
If you’ve answered “yes” to any of the questions above then you need assistance now!
First, we recommend that you consider a professional who understands what your options are and what those alternatives will require.
For example, did you know that you can submit foreclosure alternative applications?
That’s right. An experienced professional or lawyer can assist you with preparing the documents you need to submit to avoid foreclosure.
As foreclosures dramatically increase, homeowners continue to struggle attempting to get help from their lenders on their own. One very popular option these days is a “loan modification”.
A loan modification is a permanent change in the current parameters of an existing mortgage loan. This change is made by a lender in response to a homeowner’s long-term inability to repay the loan under the existing conditions. Typically, this involves a reduction in the interest rate and payment of the loan, a different type of loan, an extension of the loan term, or any combination of the three. A loan modification agreement is different from a forbearance agreement.
A Forbearance provides short-term relief for homeowners who have temporary financial difficulties, while a loan modification agreement is a long-term solution for homeowners who are struggling to repay their mortgages due to financial hardship. Your lender must still approve the terms of the loan modification. This is usually a “trial period” of reduced payments. Be careful that your payments during this “trial period” are properly applied to your mortgage account.