How to Stop Foreclosure With a Loan Modification

Getting served foreclosure papers in Illinois can be a very terrifying experience and with the right help, you can stop foreclosure and keep your home. Let's face it, no one wants to lose their home and unfortunately there have been many events that lead up to the deteriorating economy. Things like the stock market crash, September 11th, automakers going broke, banks going out of business overnight by maliciously running their own businesses to the ground, sub-prime crisis, and many jobs going overseas due to NAFTA. All of these events have created several downward spirals causing the American economy to deteriorate while causing rising unemployment and significant slowdowns in the economy. With all these hits to the economy, it's no wonder how millions are losing their homes across the nation.

payday loan 90 days pay, cash advance loans no credit check, online payday cash advance,

If you are reading this, chances are you have been served a foreclosure summons or expecting to receive one soon. Getting served foreclosure summons is serious and not knowing what to do can cause you to lose your home. Basically what happens when you get served a foreclosure summons is that your lender has filed a lawsuit against you for failure to pay on your mortgage agreement. This is just the initial trial for the foreclosure and does not mean they will sell your house right away and you still need to take action.

Unfortunately, many people don't show up for the first court date to answer the summons. Not answering your summons can complicate things. Given the outrageous number of foreclosures, many judges are granting continuance to troubled homeowners to allow them to either hire an attorney, seek a loan modification, or just work things out. In fact, getting a continuance is an easy way to slow down the foreclosure process and buy yourself some time to get back on your feet and either get finances in order or find a new job while you stay in your home.

There are many remedies to stop foreclosure and upon determination of whether you want to keep you house or not, the best way to stop foreclosure is to apply for a loan modification. With a loan modification, lenders will consider reducing your mortgage payment, reduce your interest rate and may even extend your term. Upon the approval of your application for a loan modification, most banks will put you on a trial plan to help to get you on track for making payments while they work on modifying your loan.

Since you really only have one chance to apply for a loan modification, it is imperative that the loan be structured properly. There are many reasons why a loan modification may not be approved. The two primary reasons why most loan modifications are denied is because either income is not documented properly or the modification package was not filled out properly or sent back incomplete. It helps quite a bit to know your lenders guidelines when applying for a loan modification as lenders use complex formulas and algebraic equations when deciding upon whether the loan modification is really the banks best interest. After all, the ultimate deciding factor that determines whether your modification will be approved or not will depend on whether it makes the most sense for your bank.

After 90 days of non pay or missed mortgage payments, the foreclosure process begins with a mortgage reinstatement request. A mortgage reinstatement request is a simply your bank requiring you to pay all the missed payments, accrued interest and charges from the bank. If you reinstate your mortgage, you technically can't reinstate the mortgage again for five years. With a loan modification, your bank may enable you to roll over your delinquent penalties and payments with a mortgage modification. This alone can literally save you tens of thousands of dollars and allow you to keep your home from foreclosure.

If you are delinquent on your mortgage and want to keep your home, the best bet is to stay in contact with your lender, go to all court dates and apply for a mortgage loan modification to stop the foreclosure process. With a loan modification under the H.A.M.P. (Making Home Affordable Program) program, you can actually get an interest rate as low as 2.00% and may even defer a portion of your mortgage interest to help lower your mortgage payment and help you keep your home. The most important of all is to keep your head up, understand you are not alone and there are multiple ways to help you keep your home from foreclosure.

united cash loan

Online Payday Loan Up To $ 1,500 In 1 Hour. No Credit Required. Easy Fast Approve. Get Cash Fast Today!

Rating of united cash loan

Get Online Application at online payday loans.