Can a Loan Modification Save My Home?
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With Mortgage foreclosure filings nationwide having increasing 93% over the last year, many homeowners are asking banks to agree to loan modification in lieu of foreclosure. Banks have more foreclosures than they can handle but is a loan modification the best answer for you?
A loan modification is NOT a new loan but a process that allows homeowners and lenders to change the terms of an existing loan in order to help the borrower stop foreclosure. It is only one of many options available to homeowners facing foreclosure. For many, this type of loan restructuring may be the only option.
If you are behind on your mortgage or have a low credit score, a loan modification may be the ONLY option you have left. The good news is if you are unable to get approved for a mortgage refinance or a short-refinance it may be the only solution you need but you should consider all options. .
Depending on your circumstances you may:
The most important step to avoiding foreclosure is to explore all of your options as soon as possible. Only by confronting the problem head on can you tackle the issue. Donít let yourself become a statistic.