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.
Qualifying for a foreclosure bailout loan has become far more difficult than in the past. To qualify for a foreclosure bailout loan, a homeowner needs 25% to 35 % equity in there home.