If Your House Is Already in Foreclosure, and a Sale Date Is Scheduled Can You Save Your House? Of Course!

If Your House Is Already in Foreclosure, and a Sale Date Is Scheduled Can You Save Your House

? Of Course!

You are late on your mortgage payment for some reason. It could be medical bills. But, it could be a job loss or layoff due to the current economy. It could be because your house payment went up and you didn't know that your loan allowed for that.

If you lose your income for some period of time, you will never be able to catch up your past payments. But, remember who got us all into this economic mess. The Banks and Mortgage Lenders.

The Banks and Lenders loaned too much money to people who could not pay it back. Builders were tempted to build too many expensive homes. Many loans were designed for the interest rate to go up after 2 or 5 or 7 years. These are called Adjustable Rate Mortgages (ARM). These are loans designed for the payment to increase for different economic conditions. Usually they are tied to the interest rate and those are not that dangerous.

But many of these ARM loans which were created in the last ten years, were written to go up on a specific schedule. When that happened a house payment would go up at the determined time. Like at 3 years.. The problem is that when the payment went up, the owner of the house could not afford the new payment. The Banks and Lenders knew this. Or should have. The loans were all sold to Wall Street Companies. They knew better too. Some have been penalized. Some may still go to jail.

When house payments went up and the owners couldn't make the new higher payment, the banks began to foreclose on people. But, no one realized how bad the situation really was. No one realized how many of these ARM loans and other unethical loans were going to fail. Not because the borrowers were bad, but the loan was bad. The payment was going up. I have had to help people talk to their lender, when their house payment went up from $900 to $1,700. They had no idea that their loan allowed for that to happen.

Now, as you know, the rate of foreclosures is going up in a nightmarish scene. There are more foreclosures happening right now than ever before in history. No other time is even close. Banks are failing at an alarming rate. This is because they have foreclosed on too much real estate. They do not own homes as a business, but now the Lenders own more homes than the rules allow. They do not want to own yours. They want to help you figure out how to keep yours and afford the payment. They want to get you on the current side of their loan portfolio.

So why is it so hard to find someone to help you at your lender. Because they are so overwhelmed that they have assigned small departments just to handle what is called "Loan Modifications". This is when your loan is reviewed to see if you would be able to afford your monthly payment if the interest rate was adjusted down and the past due amount was just added back in. In another article I described my own modification where the Lender gave me 2% interest for 2 years; 3% interest for 2 years and I ended up with a 4.5% loan fixed after that. I did not have to catch up my past due.

Rich people with great credit couldn't get that just two years ago. Interest rates right now are lower than they have been for 40 years. And you don't need good credit. You already have a loan. You just need to show that your job is stabilizing and that you can make the new and lower payment.

THE LENDER CANNOT AFFORD TO OWN YOUR HOUSE!! How do I know that this is true?. I have been in the real estate business for 25 years. I am a realtor, builder and loan officer and I help people to keep their homes for a living.

You can do it yourself. But, you will have to be very familiar with the people and the programs of your lender. I have seen people working with someone at their lender and get no where for months and then lose their house. The same lender had a program to help their borrowers save their homes. My friend who wanted to do it himself never found the right department. You may need help finding the right person and saying the right things.

I suggest you find someone experienced as a negotiator for stopping foreclosures and modifying loans. Get references from someone that has completed a successful modification done for them. You will be surprised how quickly your anxiety will go down.

Please visit our site concerning stopping foreclosures and getting Loan Modifications at:

www.mortgagepaymentmodifications.com

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