Loan Modification can Help You Avoid Foreclosure

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Updated: 10/28/2008 3:59:50 PM

(ARA) - If you're behind on your home mortgage payments, you're not alone. In fact, rates on 2 million mortgages will rise by the end of the year, and one-fourth of affected homes may face foreclosure, according to the U.S. Department of Housing and Urban Development.

If you're behind now or see a problem coming soon, it's critical to act quickly. If you don`t, it's more likely that you could lose your home through foreclosure. Why? If your house payments are even one month behind, your lender can start foreclosure proceedings and issue a notice of default.

It's important to remember that your mortgage company does not want to foreclose on your house. Foreclosing means they will incur costs to sell the house and will lose your monthly payments - their primary income source.

So the first step is to talk to your lender and try to work a repayment plan. If you've missed three payments or less, the lender might allow you to make special payments along with your normal monthly payment on a schedule that works for you. This is called forbearance.

Another method is loan modification. You and your lender structure a plan based on your financial situation that may include lowering your interest rate, adding missing payments to the principle or forgiving a portion of the debt.

But in today's market with hundreds of thousands of foreclosures occurring all at once, mortgage companies simply do not have the staff to work through the time-consuming process of loan modification.

If you're having trouble communicating with your lender, you should definitely consider clicking here for help. Lawyers that specialize in foreclosures can get the attention of the lender and negotiate a loan modification that's in your best interest. Law firms will charge a fee but it may be a small price to pay to keep your home.

So remember you have options, but you must act quickly. For many homeowners, loan modification may be the best option to avoid foreclosure.

Go to www.loan-modification-programs.com to learn more. Act today. Time is not on your side. Copyright © 2008, ARAnet, Inc.

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