"We were headed for the foreclosure process and knew that it would really mess up our credit. But we didn't think we had a choice. We tried to reason with the bank and pay them less but they didn't listen. They kept calling and sending us notices. We went to a lawyer who told us to file bankruptcy and wanted a lot of money to do this. If we had that money - we would have paid our mortgage! So finally, we called 1st Foreclosure Prevention after we saw them online. They were able to get us the foreclosure help that we needed and got us a good loan modification to prevent foreclosure."
"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."
"When we found out that our house was worth a lot less than what we paid for it, we were pretty upset. We thought we had made an investment when we purchased our property, but as it turns out, it was a poor investment. We wanted to get out of the house but couldn't even sell it. We thought about just giving it to the bank, but they didn't want it. We had no idea what to do, but then I found out about 1st Foreclosure Prevention. They were able to give us the foreclosure help that we needed and even helped us with the short sale process. We were able to walk away from a bad investment with hardly any damage to our credit thanks to 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 were really in a jam. I was on disability because of my back and it wasn't enough to cover the mortgage payments. My wife lost her job and got another one, but it didn't pay as good as the first job. Our house was heading for the foreclosure process and fast. But we didn't know what to do. It seemed everything was spinning out of control for us. Luckily, my wife found 1st Foreclosure Prevention online. We filled out the form for the free foreclosure consultation and got a call the next day. We talked it over with them and gave them more information. Then they gave us a case study of our situation that was really detailed. They seemed to really know what they were doing and they did because the stopped foreclosure for us. They got us out of a bad situation - we can never thank them enough."
"I was going through a divorce and was about to lose the house. I didn't want to keep the house but I didn't want to go through the foreclosure process, either. But I had no idea that there were other options open to me in my state until I contacted 1st Foreclosure Prevention. I talked everything over with a very nice loss mitigation specialist and they gave me a personal and free foreclosure consultation. They were able to actually stop the foreclosure process and I was able to stay in my home until it was sold. After the divorce, I was able to buy a new home for myself and my children."
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.
