"I was so stressed out in trying to figure out how I was going to stop foreclosure from happening to me that I actually had to see a doctor for stress. I struggled hard to buy my condo and wanted to keep my home and save my home from foreclosure. But it was getting difficult because the mortgage amount kept going up. I had an adjustable rate mortgage and the rate kept rising. On top of that, I lost my job and got behind in payments. I thought that this was it, I was not going to be able to stop foreclosure. Then I found 1st Foreclosure Prevention. They were able to stop foreclosure from happening to me and allow me to keep my condo. I am now all caught up, have a new job and happier than ever thanks to them."
"I wanted out of my mortgage in the worst way - it was the worst investment that I could make. The roof leaked and there were tons of other issues. But I didn't want to go through the foreclosure process because I knew it would screw up my credit. So when I found out about 1st Foreclosure Prevention, I figured I would give it a try. I was struggling to make payments on a piece of property that I didn't want. I got a free foreclosure consultation from them and they told me different things that I could do to get out of it. They gave me great foreclosure help and even helped me get rid of the property. Now I have a great place and no foreclosure on my record. And working with them was easy, too. Thanks, guys!"
"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
"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."
"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
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.
