"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 were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
"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."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"We were in way over our heads with our property. We bought it high and when the market crashed, we were upside down with our mortgage. We were about to file for a bankruptcy when we found out about 1st Foreclosure Prevention online. We decided that at this point, we had nothing left to lose. We were already resigned that we were going to probably lose our home anyway and our credit would be shot. We are so happy that we called for a free foreclosure consultation from 1st Foreclosure Prevention and got the foreclosure help that we needed. We did not have to file bankruptcy and the loss mitigation experts were able to work out a deal with our bank. Now our credit is back to where it was before we bought the property - thanks to this company."
"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."
Home / Loan Modification Program Offer a Variety of New Options
Loan Modification Program Offer a Variety of New Options
Many homeowners are struggling to make their mortgage payments on time during one of the worst economic environments in decades. However, new solutions are being offered by the government and private business to help prevent foreclosure.
If you are not familiar with loan modification, it is a process where borrowers who are concerned about keeping current with their mortgage payments may possibly qualify to reduce their payments using a variety of means.
The lender may reduce their mortgage rate, increase the amount of time the borrower is allowed to pay back the loan, or defer interest rate payments, among other solutions.
Loan modification, sometimes called loan mods, can be beneficial if you are facing financial circumstances beyond your control, such as job loss, illness, death in your family. Many borrowers who are in good standing are concerned they might soon be at risk of default. Loan modification is one option to consider.
The loan modification process can be complex at times, but if you arm yourself with some information first, complete checklists that are provided and return paperwork in a timely manner, you should not have many problems. Mortgage service providers such as real estate experts, financial advisor, foreclosure mitigation specialists or loan modification lawyers are all available to assist you in finding the best solution for you and your particular situation.
You may need to meet with a number of service providers to find the one that is right for you, but just know that there are experts available if you are worried you might lose your home.
Loan modification can be summed up as a four step process.
- You have an initial consultation where a mortgage service provider takes a complete inventory of your personal situation to determine if you are eligible for loan modification and what other options, if any, are available to you.
- Once a borrower is considered eligible, application for a loan modification is started. This means many documents need to be collected, such as: W2 forms, your latest mortgage statement, and a letter explaining in detail the financial hardship you are facing and why.
- The application is then sent into a negotiation phase, where the service provider attempts to get the best possible terms for the borrower and their loan modification. This could take anywhere from 30 to 60 days.
- The final step is when an offer is presented to the borrower for approval, along with a number of loan modification documents. Some lenders may require borrowers to complete a trial period to ensure the terms of the modification can be met, before it is made permanent.
