1st Foreclosure Prevention works to help homeowners stop foreclosure, usually by modifying their loans so that they can afford to make their monthly payments. The first step is to give a free foreclosure consultation to the borrower. This examines the amount of money that is due on the property, the worth of the property, the term of the loan and the ability of the borrower to pay money towards their mortgage.
There are many ways that 1st Foreclosure Prevention can help a homeowner. Loan modification is one of them. In some cases, short sales are also an option if the property can be sold to an investor before it goes into foreclosure. Most people today, however, are striving to keep their homes and prevent them from falling into foreclosure.
Foreclosure consultants at 1st Foreclosure Prevention will review the information obtained by the borrower and then come up with a solution that the borrower will be able to afford. They will then enter into a loan modification agreement with the borrower as well as come up with sample loan modification letters.
Once the borrower agrees to have 1st Foreclosure Prevention represent them to help them stop foreclosure, the foreclosure consultant team will begin to work with the lender to come up with a plan that will get the lender to lower the monthly mortgage payment. This is usually accomplished by lowering the interest rate as well as extending the term of the mortgage. Some of the lenders frequently worked with when it comes to loan modification include CitiBank, Bank of America, and many others. Loan modification consultants will review the loan modification samples that were used with other banks to see what the best course of action is for the particular case.
There is a growing movement to stop home foreclosures in the United States as an increasing number of homes are entering into foreclosure. Banks are eager to stop home foreclosure and resort to loan modification, as they do not need to have additional foreclosed homes on their books. Anyone who is facing foreclosure of their home, or feels that they might be heading down that route, can choose to get a free foreclosure consultation from a qualified 1st Foreclosure Prevention foreclosure consultant.
