"I couldn't sleep at night because I was so worried about my mortgage and what was going to happen to me and my kids. I had been working two jobs to try to keep up on the mortgage payments since my divorce and there just didn't seem to be an end in sight. Then I lost one of the jobs when the place closed down. A friend of mine told me I was better off to do what I could to stop foreclosure before it started, so I contacted this place that I found online, 1st Foreclosure Prevention, and they gave me so much foreclosure help! I couldn't believe that they could be so nice and caring. They took it all off my shoulders and I was finally able to sleep. They saved my home from foreclosure."
"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."
"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"
"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."
"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."
"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
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.
