How to Stop a Foreclosure | Mortgage

In 2008, over 3.1 million home owners received a pre-foreclosure notice. Many of these people did not take the simple actions needed to stop the foreclosure and lost their house. It's foreseen that another 3 million late payment notices will go out this year in 2009.

by EdWinsten

In 2008, millions of unsuspecting homeowners received a pre-foreclosure notice. Most simply did not take the actions necessary to stop the foreclosure and lost their house. It's projected that another 3 million notices will go out this year.

Have you received a foreclosure notice due to a financial hardship? Is your mortgage now more than your house is worth? Are you finding it next to impossible to afford your monthly payments?

If so, the good thing is you may be able stop a foreclosure and save your home by filing a mortgage loan modification request.

What is a Loan Modification?

A loan modification is a reworked agreement between you the homeowner and home lender with re-negotiated terms, interest and payments. Loan modifications can be the perfect solution to stop foreclosure for home owners who are considering a foreclosure or bankruptcy.

Do You Qualify for a Loan Modification?

Perhaps you've lost a job, got slammed with unexpected medical expenses, or your current adjustable rate mortgage skyrocketed so you can no longer afford the bill. You've made every effort to save your home and stop foreclosure, but have simply run across heavy economic times and now find yourself late on payments.

A mortgage modification may be the solution!

Every bank has their own mortgage loan modification standards. Here are the most common:

* The property is your primary residence

* You've experienced financial hardship or a change in economic circumstances

* You are late 2 or 3 payments

* You have not yet filed bankruptcy

* You are missing payments only to qualify for a loan modification

* You are willing to be open and provide all necessary paperwork

If you have not missed a monthly payment you may still qualify for a mortgage modification and stop foreclosure if you can prove you are on the edge of disaster. This means, due to current circumstances, you will eventually default if you don't get some immediate financial relief.

How to Save Your Home Now!

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Yes, a Mortgage Modification can help you save your home. Find out if you qualify.