In 2008, over 3.1 million homeowners received a foreclosure notice. Most of these people simply did not take the actions necessary to stop a foreclosure and they lost their homes. It's projected that another 3 million late payment notices will go out this year in 2009.
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 mortgage payments?
If so, the good thing to know is you may be able prevent a foreclosure and reduce your payments by filing a loan modification request.
What is a Loan Modification?
A mortgage loan modification is a restructured agreement between the borrower and bank with new terms and interest rates. Loan modifications are a long-term solution for borrowers who are considering a foreclosure or bankruptcy due to financial hardship.
Do You Qualify for a Mortgage Loan Modification?
Perhaps you lost a job, got slammed with an unexpected medical emergency, or your original adjustable rate loan skyrocketed so you can no longer afford the monthly bill. You've made every effort to pay the mortgage and save your home and stop foreclosure, but have tragically hit unfortunate economic times and now find yourself bordering on the brink of bankruptcy.
A mortgage loan modification may be the answer!
Every bank has their own mortgage loan modification standards. Here are the most common:
* The unit is your main residence
* You have experienced financial hardship or a change in circumstances
* You've missed two or three payments
* You have not filed bankruptcy
* You are missing payments only to qualify for a loan modification
* You are willing to be open, honest, and provide all necessary documentation
If you have not missed a monthly payment you may still qualify for a loan mortgage modification if you can prove you are on the edge of disaster. Meaning, due to the current circumstances, you will eventually default and miss payments if you don't get some type of immediate financial relief.
How to Save Your Home Now!
Article Source: the-Articles.com
About the Author
Author: EdWinstein
Yes, a Loan Modification can help you save your house. Find out if you qualify today.
Visit the National Debt Solution Center Website
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