"We were struggling every month to try to pay our mortgage and kept falling further and further behind on everything else. The place was a mess because we didn't have the money to fix it up, but we didn't think we could sell it because of the state of disrepair. My wife and I were like hamsters on a wheel, just trying to get through each day to make payments on a house we grew to dislike. But we knew that foreclosure would destroy our credit, so we held on. Then we found out about 1st Foreclosure Prevention. They were able to give us foreclosure help and even helped us with the sale of our home. We got to walk away from that mess and have started a new life, without a foreclosure on our credit report."
"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 didn't want to go through the foreclosure process. We were so embarrassed that we were facing a foreclosure and knew that all our neighbors would find out. A couple down the street had a foreclosure and they posted a sign on the property. It was so embarrassing. But we knew that it was coming. My husband lost his job and we were really struggling to make ends meet. We didn't want to lose our home, but felt we had no choice. We were really ashamed of what happened to us. Then we talked to 1st Foreclosure Prevention and they made us feel so much better. They didn't make us feel ashamed and actually gave us the foreclosure help we needed. Thanks to them, we didn't have to go through the foreclosure process that would have pained the entire family."
"I really thought that there was nothing you could do to stop foreclosure once it started. I was wrong. I found out that a borrower has plenty of rights and can get foreclos"
"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."
"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."
Home / Loan Modification Lower Your Payment
How Does A Loan Modification Lower Your Payment?
One way that you can stop foreclosure from happening to you is to seek a loan modification. You can discover more about a loan modification when you seek a free foreclosure consultation from loss mitigation specialists at 1st Foreclosure Prevention.
A loan modification can help you stop foreclosure and allow you to save your home. It entails negotiating with the lender and coming up with easier payments for you to make and usually lengthens the term of the loan. Loss mitigation experts can help you with your loss mitigation by negotiating on your behalf and facilitating you loan modification for you, even helping you to stop foreclosure is you are already in the foreclosure process.
What Loan Modifications Can I Make?
Many people think that the terms of their mortgage cannot be altered in any way. When they start failing to be able to make the payments on their mortgage, they just assume that foreclosure is the only way out of the situation. This is not true. There are many ways that you can modify your loan. Loan modification may be right for you if you have fallen behind on your mortgage payments but are still in a position to make about 60 percent of the amount of the mortgage payment.
The loan can be modified to consolidate more than one loan as well as to extend the term of the loan to make your payments lower. If you have an adjustable rate mortgage, you can get a loan modification that will give you a fixed rate so that you can budget for your monthly payments. If you are a little behind in your mortgage payments, have just taken a cut in pay and want to save your home from foreclosure, a loan modification may be one way to stop foreclosure.
Do Lenders Always Agree To Loan Modifications?
Not always. This is one of the reasons why you should seek foreclosure help from loss mitigation specialists. When you get a free foreclosure consultation, your loss mitigation expert can help you decide if a loan modification is right for you. If you decide on a loan modification, the loss mitigation team can then negotiate with the lender on your behalf to make sure that you get heard. Loss mitigation specialists know which documents to submit on your behalf, who to contact and how to get a lender to agree to a loan modification.
Good loss mitigation specialists understand the foreclosure laws in your state and how to use them to your advantage when negotiating with the lender on your behalf.
What Are The Steps In Loan Modification?
The first step for you to take is to get a free foreclosure evaluation from loss mitigation specialists who are well versed in the foreclosure laws of your state and deal with loan modification. The second step is to find the person responsible for loss mitigation at the office of your lender. This may sound easier said than done as the lending industry is very understaffed and always in an overhaul process. After this, documents must be presented to the lender to prove that you are in dire straits and that it is to their advantage to re-negotiate the terms of the loan. Then the negotiation process begins. Chances are that your lender will be going through steps such as assessing your property and weighing whether or not it will be more profitable for them to foreclose or to modify the term of your loan.
Advantages of A Loan Modification
There are advantages of a loan modification in that it does not do too much damage to your credit (as would be the case with a foreclosure) and that it can help you stop foreclosure and save your home. It does not entail going with another bank and attempting to refinance your property and lenders are more inclined not to foreclose if the borrower has a way to pay back the mortgage money. If you are behind on your mortgage payments and want to stop foreclosure, you can consider a Loan Modification as one of the options to stop foreclosure and save your home.
To find out how you can get a free foreclosure consultation to help you figure out if a loan modification is right for you, call 866-477-7050 or click here to get started now.
