"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
"After my husband died, I couldn't the mortgage payments at all on our home. I didn't know what to do and had tons of medical bills. I was at my wits end and was struggling just to get up in the morning because the foreclosure was making me so depressed. I had no idea what to do and was just going to let the bank take the house since I couldn't afford the payments. A friend told me about 1st Foreclosure Prevention. I contacted them and they gave me a free foreclosure evaluation and told me what I could do to keep my home. They negotiated with my lender for me and helped me stop foreclosure. Best of all, they relieved my mind from worry. They were very nice and really knew how to give me foreclosure help. Thank you."
"We were struggling every month to try to pay our mortgage and kept falling further and further behind on everything else. The place was a mess because we didn't have the money to fix it up, but we didn't think we could sell it because of the state of disrepair. My wife and I were like hamsters on a wheel, just trying to get through each day to make payments on a house we grew to dislike. But we knew that foreclosure would destroy our credit, so we held on. Then we found out about 1st Foreclosure Prevention. They were able to give us foreclosure help and even helped us with the sale of our home. We got to walk away from that mess and have started a new life, without a foreclosure on our credit report."
"I'm really glad that 1st Foreclosure Prevention was able to help me with my mortgage problems. I was already in the foreclosure process when I called them for a free foreclosure evaluation. They were really nice and explained a lot of things to me that I didn't know, including how to stop foreclosure. I didn't even know that I could do that! They were able to work out a deal with my bank so that I was able to keep my home and pay less on the mortgage. Now I am able to afford my home and even save a little money, thanks to this company. I can't say enough good things about them."
"We were like most other folks, I guess. Facing the foreclosure process and losing our home because we were out of work and owed too much on the property. You always hear about this happening to other people but never think it would happen to you. We were just going along with everything, trying not to think about it, but then my husband got an idea to call 1st Foreclosure Prevention - a company he had heard about that could stop foreclosure from happening. I figured it was a scam of some sort, but after we both got their free foreclosure consultation and found out about their company, we were impressed. We weren't like most other folks, at that point. We had foreclosure help and were able to stop foreclosure from happening to us."
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
Home / Assistance is Available
Assistance is Available for Loan Help Under President Obama's Loan Modification Plan
In order to get assistance with your home loan and prevent foreclosure, you first need to find out if you are eligible for the loan modification plan.
The following information should help you determine if you are qualified:
The plan, known as Making Home Affordable, was created by the Obama Administration in an attempt to prevent foreclosures predicted for millions of American homeowners.
The program utilizes loan modification procedures which can lower monthly payments to them more affordable. However, the application process has proved to be a bit difficult, so knowing a few things to get you started will help, and move the approval process along faster.
- Your home loan must have originated, that is, have been created before January 1, 2009.
- The loan must have a balance less than $729,750 for a single-family home. (Multi-family properties are subject to different rules.)
- The loan must be for a home that is your primary residence. Investment properties, vacation properties, or second homes are not eligible.
If you believe these items describe your situation, you may be a candidate for the loan modification process. There are some other things to keep in mind. The new payment amount you will be responsible will be no more than 31% of your gross monthly income (that means before taxes are taken out) of the entire household. The 31% also includes taxes, insurance and miscellaneous homeownership fees, such as association fees. If you currently pay more than 31%, you may qualify for a reduction.
The lowered monthly payment is calculated as follows:
- Reducing you loan interest rate to as low at 2%.
- Lengthening the loan repayment period up to as much as 40 years.
- The ability to defer interest payments and principal forbearance until the home can be sold or refinanced.
Many people have been able to keep up with their payments despite financial hardship, and they will not be excluded from participation in the program, as long as they meet the above requirements.
The government has created added incentives to apply for this plan, namely, there are no fees to do so and those seeking loan modification should be wary of any mortgage banker or lender who tries to charge them for this service.
Knowing a few basic facts about this process should help you considerably. Even if you have been turned away by a lender, it is worth it to try another service provider if it means saving your home from foreclosure.
