With 1st Foreclosure Prevention, our loss mitigation specialist can help you stop foreclosure. They are well versed in all of the foreclosure laws in all states so that they can help you no matter where you live. They will give you a free analysis of your situation and can even help if you have other debt that is making it difficult for you to pay your mortgage.

A loan modification program is a settlement that is worked out with the lender that allows you to pay less each month for your monthly payments. This process occurs through negotiation. Our loss mitigation specialist has years of experience in this type of negotiation so that they can help you get the best deal for you. When faced with foreclosure, many do not know of the many options they have available to them or even that loan modification programs exist. They continue struggling to pay their mortgage and when they no longer can, watch as their home is taken out from under foot.

With foreclosures rocketing out of control, lenders very seldom offer loan modifications to borrowers. They do not have the time to go through each and every foreclosure to see who would be a viable candidate for such services. In addition, when borrowers who are aware of loan modifications do try to negotiate with their lender, it usually ends up with a stale mate or the lender not offering much give. This is why borrower should seek foreclosure help from a loss mitigation consultant who has experience in this field. They know how to deal with lenders ensuring that the borrower gets the best deal possible.

If you have fallen behind on your mortgage payments here are some foreclosure prevention options to consider.

Reinstatement:
If the reason you are unable to maintain your mortgage payments is temporary, this may be a feasible option for you. Contact your lender and ask for a reinstatement plan where you will be required to pay your entire past due amount plus any late fees and cost. A date for repayment in full will be agreed upon between you and your lender.
Repayment Plan: If you have only missed a few payments, this option may be feasible for you. A portion of what is in default will be added to your monthly mortgage payment amount until default is brought current.

Forbearance: Forbearance may be an option for you if you are temporarily having money issues such as a seasonal or temporary layoff, injury, or illness. A forbearance will suspend or reduce your monthly mortgage payments for a period determined between you and your lender where at the end of this period you will again resume making your normal monthly payments. The suspended or reduced portion of your mortgage at that time will either be required to be paid back in full or will be broke down and added to your regular monthly payments. In some situations, a lender may even give the option of adding the missed payments to the end of your loan agreement.

Loan Modification: Loan modifications are done when your lender agrees to change terms on your mortgage contract to make the mortgage payments more feasible for you. Term changes could include reduce interest rates, extending the term of the loan, adding missed payments to the loan balance, to even reducing the amount of money you owe by forgiving or cancelling a portion of the mortgage debt. .

Other options are selling your home with the least favorable option being filing for bankruptcy. If you are struggling with your mortgage, before it gets to far out of hand, seek help through us here at 1st Foreclosure Prevention and let us help you find a workable alternative to losing your home to foreclosure.

The reason why 1st Foreclosure Prevention is so successful and why our network Affiliates can make an unlimited income is due to the overabundance of foreclosure filings that are happening everyday. As you can see by the news, and all around you, the numbers of foreclosure filings are increasing and it doesn’t look like there will be any slowing of this anytime soon. This is unfortunate for homeowners and we are sympathetic to their situation, thus the reason for helping those in need stop foreclosure, but at the same time, makes it possible for our affiliates to make a income as well as help the homeowners.

Another strong reason why 1st Foreclosure Prevention is so successful is efficient organization in dealing with homeowners and lenders in a timely manner. If you want to be effective in loss mitigation, you have to act quickly and expertly – time is the enemy. By having Loss Mitigation Specialists that are well versed and seasoned in successful loss mitigation is the number one reason why 1st foreclosure Prevention is so successful. As an affiliate, your basic responsibility is to enroll or refer delinquent homeowners to 1st Foreclosure Prevention so they can obtain a free foreclosure consultation that will educate them on the ways they can stop foreclosure from happening to them. Simple and profitable, and a win/win situation for all involved. If you are interested in becoming a 1st Foreclosure Prevention Affiliate or more information contact us today.

The most common reason foreclosure procedures begin in underwater mortgages is because the borrower gives up hope and rather than paying for a home they feel they will never in return get what it was once worth, they simply stop paying their mortgage rather than ride the storm out.

Typically, borrowers fall behind on their mortgages after they lose their job, get a divorce, fall upon serious illness, or a death of a spouse. With the current foreclosure rates, those scenarios play a significant role but so does the fact that many homeowners reached beyond their means when buying their home initially and now can no longer afford to make the payments.

If you are sitting with property that is in a state of default and underwater, if you currently have a low fixed interest rate loan you have a valuable asset that will be hard pressed to replace on the current market so it is much wiser to maintain your mortgage payments if it means having to make uncomfortable cuts elsewhere. And even more so if your credit rate is still decent! Defaulting and ending up with a foreclosure will drastically drop your credit rate to the gutter. You can expect at least a 200-point credit score drop from your current credit rating if you are foreclosed on. Not only does this effect your credit but can make it difficult to rent a home after that and you may be required to put an upfront deposit on utilities when moving into a rental. In some situations, having a poor credit score has even prevented people from getting employment.

Creditors such as Fannie Mae will restrict a person who has faced foreclosure from getting a loan from them for up to five years after the foreclosure. In some sates, the lender can still go after the borrower with a deficiency judgment making the borrower pay for any unpaid balance on a mortgage after the foreclosure sale.

Rather than face foreclosure if you cannot ride the storm out, contact us here at 1st Foreclosure Prevention to see what options are available to you.

One thing 1st Foreclosure Prevention can promise you is they will not make you false promises or take a case they do not feel they can truly assist.

One way of avoiding foreclosure is a home mortgage mitigation through a loan modification. A loan modification is used to alter the terms of the loan, making it more affordable for someone to maintain his or her monthly payments

With today’s economy, it is not uncommon for households to begin struggling with their mortgage payments. There is no particular criterion for someone to be at risk of losing their home as many think other than the inability to make their monthly mortgage. It is not just an epidemic of the lower income bracket, but all income brackets. Financial hardship has become far too common and the numbers of people facing foreclosure mirrors that fact.

When working with a loan modification specialist they can help you work with that lender that is less than accepting of your situation. They can work with the lender and you to come up with a payment plan that is easier to maintain. 1st Foreclosure Prevention has experience working with both small and large lenders such as CitiBank, Bank of America, and Chase when it comes to preventing foreclosure. If you are having a hard time making your ends meet leaving your mortgage at risk or have already received a letter of intent to foreclose and are unsure on how to proceed, contact us here at 1st Foreclosure Prevention and allow us to give you a free evaluation to work towards avoiding foreclosure.

As the value of home declines, and the economy continues to follow suit the future looks bleak as home foreclosures rise. Homes at the highest risk are those that value is less than the mortgage. Loss mitigation cannot do anything in regards to the value of homes value but they can help in getting the lender to adjust the mortgage note to reflect the value and make it more affordable to the borrower.

The objective of foreclosure mitigation is to help borrowers to stay in their homes while still making the payments making it a win/win situation for both lender and borrower. Resale on homes, especially those in foreclosure sales are at a huge deficit of what the actual value could be if the market was better. Many homes that have been foreclosed on are still sitting empty. Older homes are being boarded up and becoming serious eye sores and safety hazards in communities all across the U.S. Because of the properties not moving due to the economy, lenders are becoming more open to alternatives.

Anyone who fears foreclosure can seek foreclosure help through a home mortgage mitigation. 1st Foreclosure Prevention has loss mitigation specialist who are waiting to help you save your home. Don’t let your home be the next boarded up property on the block. Keep your home, your memories, and your security.