Behind on Your Mortgage Payment? You’re not Alone

Written by admin on April 28th, 2011

If you are one of the many homeowners in default on your home loan, maybe because of an adjustable rate loan that has went up or a financial hardship, there are some solutions available to stop a foreclosure by your lender.  It is strongly recommended you seek help to solve your dilemma and get back on your feet. Unfortunately, many homeowners don’t seek assistance to stop a foreclosure until it is too late.
By asking your mortgage lender for assistance when you realize you will have a problem it will help greatly. However, research has shown that borrowers who directly contact their lenders for help get the run around until it is too late or they do get a loan modification but it is not as favorable a mortgage modification as they would have received had they used a loan modification company.

If you do not feel you have the time or patience to deal with your lender directly, a loan modification company will do this for a fee. The fees can vary from company to company so it is always a smart thought to contact several loan modification businesses to see what they charge and what services you should expect for that fee. If you choose to employ a loan modification company it is recommended to get the services they claim they will provide in writing with all the specifics clearly laid out. You want to be certain they complete all of the services that were sold to you in your loan modification program.

Even if you are in the late stages of the foreclosure process, you can make a last effort to save your home by asking for a loan modification by an attorney backed loan modification company. Your lender may be willing to accept the negotiation by the attorney and add any late payment to your loan balance thus allowing you to become current on your house payments. It is important when you go through the process to ask for a fixed rate mortgage payment that will not rise significantly in the next few years or you may be in a similar payment troubles a few years down the road.

From various research, in months to come, an increasing number of  homeowners, will be receiving default notices and going into the foreclosure process. In general, mortgage lenders and servicers want to keep home owners in their homes. So, they should be willing to help you keep your loan current so you keep your home. The earlier you start requesting a loan modification, the easier it will be to get the lender to cooperate.

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