Lenders today are more willing to work with you now like no other time due to the economic crisis we are facing.  Mortgage loan modifications are becoming the norm and I will show you how you can get help with the negotiations of getting the lender modify the loan terms!

It is a humbling experience having to face the prospects of foreclosure. No one ever sees it as ever being a possibility but for more and more people the possibility is very real!

A lot of people we talk to are bouncing back from a job loss that they were not financially prepared for and after skipping a few payments, their lender no longer wants to work with them (or that’s what the lender says, at least).

In other situations, there may have been a death in the family and a major portion of the household income went away. Clients have been helped even if they had just gone through a divorce. After being awarded the home, the realization that she couldn’t afford the family home on just her income hit hard.

There are many reasons why a potential foreclosure can come about. Sometimes the immediacy of dealing with bill collectors and the daunting possibility of losing your home can cause you to freeze up, forgetting that there are many options available even if it’s just to save your credit!

There are 4 main options if you want to avoid foreclosure:

• Work out an arrangement with the lender – There are several ways to do this but most of them are not beneficial to you as the most likely will want to spread the arrears over a 6-12 month period making your payment sky rocket!  You want to work with someone who understands mortgage loan modifications so that you aren’t forced into an option you can’t afford!
• Refinance your mortgage – This is an ‘ok’ option.  Many times the terms of the new loan are even more overbearing than the one you just refinanced.  This is often just a “band-aid” loan that buys you more time but does more harm in the long run. Sometimes a refinance can’t be done or just doesn’t make financial sense.
• Sell your home – Although it seems like an easy option, in most cases there just isn’t enough time or equity. Unless you know what the options are here, you will be disappointed by the result especially in the current real estate market.
• Give the house to the lender – This is called a “Deed In Lieu Of Foreclosure.” For all intensive purposes, this is just as bad as a foreclosure.

I have personally faced that demon so I know what you are going through. That’s why I recommend you going the route of working with a mortgage modification specialist that can negotiate with your lender on your behalf, and find the program that could save your home and credit and sanity.

Click here to fill out the form so that a specialist can contact you right away!