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.

Some banks have delayed putting mortgages into foreclosure status so they would fall under and possibly qualify for the federal foreclosure prevention program, but even with the stall, repossession rates continue to climb. The second week of October the Making Home Affordable signed up 500,000 borrowers, a milestone for the program showing that the rocky start is now starting to make some progress, but not near enough quite yet. There still is a couple issues with the governments Troubled Assets Relief Program that if rectified would help foreclosure numbers decrease in that it does not address two of the main reasons foreclosure numbers are so high – rising unemployment rates, and option adjustable- rate mortgages.

States that are currently being hit hard by foreclosure are Arizona and Nevada as well as the foreclosure number is beginning to make a rise in Maryland and Virginia. Nationally, RealtyTrac reported about 340,000 foreclosure filings. If you are facing foreclosure, do not face it alone. Allow 1st Foreclosure Prevention help you to save your home.