Stop Foreclosure
Foreclosure is a word that sends a shutter down the spine of every homeowner. In the past foreclosure was quite rare but now that we are in a recession it is sadly very common. If you are being threatened with foreclosure or you know that you are headed down that road if you cannot turn things around, you aren’t alone. Many people feel like there is no way out when foreclosure is on the horizon but this is not necessarily the case. There are some ways that you can stop foreclosure now.
Start Making Payments
Of course, the best thing you can do is to start making your monthly payments. Even if you are several months behind this will show your mortgage lender that you are serious about keeping your home! If you start to make these payments you can then plead with the lender to put off the foreclosure process and even add the missed payments to your principal amount due.
Even if you cannot make your full payments you should make whatever payment you can. This at least will show that you are serious about keeping your home. It may not stop the foreclosure process forever but it will slow it down and perhaps give the lender some reason to consider other options later on.
Apply for Loan Modification
You may be able to modify your current loan. Loan modification is simply the modification of the terms of the original loan. These modifications may include but are not limited to:
- Reducing the interest rate
- Reducing the principal you owe on the loan you took out
- Reducing late fee
- Reducing penalties
These mortgage modification options can help you save your home and have a mortgage in good standing despite your recent or past difficulties to pay. Why would a mortgage company want to consider modifying the loan? It’s simple: they lose money when they foreclose on a home. It is in their best interest to keep you in the home and help you keep the loan current than to foreclose on the home and perhaps not be able to sell it for long periods of time.
We Can Help
If you want to stop foreclosure we can help. If you are intimidated by the mortgage company, their letters or their calls you don’t have to be. We can help you contact the mortgage company and come to an agreement that will work for you and them. We will represent you and your desire to keep your home to the best of our ability. Having professional representation may help you secure your home. All you have to do to get started is fill out the form below or give us a call!