In 2008, over 3.1 million home owners received a foreclosure notice. Most simply were simply unaware that there was anything they could do to stop a foreclosure and they lost their homes. It’s predicted that another 3 million notices of default will go out in the next 12-18 months.
Have you received a foreclosure notice due to a financial hardship? Is your mortgage now more than your house is worth? Are you finding it impossible to afford your house payments?
What is a Mortgage Loan Modification?
A mortgage loan modification is a reworked agreement between you the homeowner and bank with revised terms and interest rates. Loan modifications are long-term solutions for borrowers who are considering a foreclosure or bankruptcy due to financial hardship.
Do You Qualify for a Mortgage Loan Modification?
Perhaps you’ve lost a job, have incurred unexpected medical expenses, or your original adjustable rate loan skyrocketed so you can no longer afford the monthly payment. You’ve made every effort to pay the mortgage and save your home from foreclosure, but you have hit upon heavy times and now find yourself late on payments.
A mortgage modification may be exactly what you need!
Every bank has their own mortgage loan modification qualification criteria. Here are the most common:
* The house is your principal residence
* You’ve experienced financial hardship or a change in economic 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 and provide all necessary paperwork
If you have not yet missed a payment you may still qualify for a loan mortgage modification and stop a foreclosure if you can prove you are on the edge of suffering financial hardship. Meaning, due to unforeseen circumstances, you will eventually default on your loan if you don’t get some immediate financial relief.
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