A complete loan modification application involves presenting an accurate and compelling picture of the homeowner's current situation so their lender will accept the modification. Borrower's who are seriously delinquent or in default need to act quickly and contact their lender's loss mitigation department to help stop the foreclosure process. It is estimated that over 50% of all foreclosures could have been prevented if the borrower simply contacted the lender. Unfortunately, many homeowners are in denial or are intimidated by the idea of calling their lender once they have fallen behind in their house payments.
Homeowners who have made the effort to become educated about the loan modification program options available to them and who are proactive in dealing with their lender have a fighting chance to save their home from foreclosure. Almost all lenders are actively offering some type of retention program for their distressed properties. The banks do not want to add to their already bulging inventory of foreclosed properties. Whenever possible, lenders are willing to work with the homeowner to offer some type of modification to their existing loan to arrive at an affordable payment that will keep the family in their home.
However, it is up to the borrower to make sure that they are given the very best loan modification the bank has to offer. The lender is after all a debt collector-their first order of business is to keep the bank's losses to a minimum. The first offer is usually not the best for the homeowner. This is where a knowledgeable homeowner can use certain tactics and negotiation techniques to convince the lender to lower the interest rate, extend the term of the loan, or even forgive principle to arrive at an affordable and sustainable new home loan payment.
There are many companies offering to represent troubled homeowners with their lenders, however they require a large upfront fee and usually do not offer any guarantee as to the outcome. It is highly recommended that homeowners facing foreclosure become as informed as possible about their many options before spending thousands of dollars. Whether a homeowner facing foreclosure decides to hire a loan modification company or deal with their lender themselves, it is imperative to learn as much as possible about the many options and what to expect throughout the process.
Stopping foreclosure is the number one goal of The Complete Loan Modification Guide. Borrowers will learn the 7 steps to a successful loan modification. This is an easy to follow and easy to understand guide that provides all the information a homeowner needs to negotiate with their lender or to assure that a loan modification company is providing them with the best options.
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