We have helped many homeowners take advantage of a mortgage loan modification to stop foreclosure. A modification can be used in a variety of ways to get you back on track.
If foreclosure proceedings have started because of unaffordable payments, the interest rate can be adjusted to a point that will make them affordable.
If the current payment is affordable, the past due amount can be added to the loan balance. The loan will be extended to compensate for the amount in arrears.
There are several different ways to stop foreclosure. Some may be more appealing to you than others. Below we have described some of the most common ways that homeowners can stop foreclosure.
With a loan modification, you can become free from foreclosure. When our attorneys negotiate with your bank, they can bring you current, and make your payments more affordable.
Every state handles the foreclosure process a little bit differently. The overall process is very similar. Below we have gone over some of the commonalities.
Foreclosures are negative for the bank and the homeowner. The homeowner is forced out of their home, and the bank goes through the expense of a foreclosure. If you become delinquent on your mortgage payments, communication with your lender is the key.
A short sale is when a lender investor or bank consents to lessen the amount of the mortgage note because of a difficulty of some kind. The borrower sells the home for less than what they owe on the note.