Prevent Foreclosures

Posts Tagged ‘ways to stop foreclosure’

Question: Need help on a good way to prevent foreclosure?

I have a friend who has lived in her current home for over four years and was sold a Power Option loan, but was told it was an Interest Only loan. They are pretty much backwards on their mortgage and in major credit card/ car loan debt. I just found out that they will be losing their home to foreclosure at the end of the month, and they will file bankruptcy.

Is there a way we can help to keep their home from foreclosing? Any help, or tips is wonderful!

Answer: Bankruptcy should be a last resort. There are many ways to stall foreclosures or even have them thrown out. For example... Simply filing the intent of filing bankruptcy will stall the foreclosure for at least 30-60 days if not more. There are many other things that can be done as well... too many to list here. Check out some books on how to prevent foreclosure.

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There are many ways to prevent foreclosure and loan modification is one way that has helped many homeowners. If you have a mortgage problem and  you are wondering if a home loan modification is the right option for you, then you can get a free, no obligation consultation to find out what exactly a loan modification is, how it can help you and if it is something that is right for your situation.

What is Loan Modification?

Loan modification allows homeowners and lenders to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. It is important to note that a loan modification is not a new mortgage. A loan modification is the renegotiation of an existing loan.

With a loan modification, it's possible that a homeowner's:

• interest rate may be decreased
• interest rate may be changed from an adjustable to a fixed rate
• time the borrower has to pay the loan back can be lengthened
• loan principal may be decreased
• late fees may be waived
• second mortgage could be waived or wiped off of the books

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Can loan modification prevent foreclosure