subject: Stop Foreclosure Today with Foreclosure Modification [print this page] Everyone knows that foreclosure has become a big social crisis over the past few years. Thousands of families have lost their homes and more people are facing the same fate. This sorry situation was due to the reset of Adjusted Rate Mortgage to a much higher price.
Banks and lenders therefore were forced to make major modifications to the mortgage loans of borrowers. The modifications seek to lower the monthly payments so that homeowners can avoid foreclosure. Because of the efforts to modify the terms of the original mortgages, thousands of families have been saved from losing their homes.
The Adjusted Rate Mortgage became very popular during the heyday of sub prime lending. Under the scheme, thousands of people with low credit ratings were permitted to obtain a mortgage to buy a home. However, the scheme also stipulated that when the Adjusted Rate Mortgage set-in, the borrowers should pay larger amounts to meet the condition of their mortgage obligations. This sub prime lending scheme has been unmasked as a total disaster over the past few years. When the Adjusted Rate Mortgage reset, thousands upon thousands of homes immediately went into foreclosures.
With the introduction of foreclosure modification, the homes market regained some form of stability. But you have to take note that foreclosures still outnumber foreclosure modifications. This is because the banks and mortgage lenders can not keep up with the large number of foreclosure cases. Worse, there are so many homeowners who are not taking advantage of foreclosure modifications.
If you are in danger of losing your home, then you need to explore foreclosure modification option today. You have to talk to your bank or lender immediately. This type of modification is part of the foreclosure prevention program. The program has been created especially for homeowners who are having a hard time keeping up with their mortgage payments. Under the program, lenders and banks are being strongly encouraged to provide foreclosure modification options for struggling borrowers. The main aim of the program is to stem the continuing increase of foreclosure cases. You probably know already that foreclosures are happening on a daily basis.
You can effectively stop foreclosure with this type of modification. Your situation could be the result of the Adjusted Rate Mortgage reset. This is the reason why you are defaulting on your mortgage payments. With the foreclosure modification, you can bring down the monthly payments to a more manageable level. So this is a wonderful opportunity for you to save your home from foreclosure. Remember that the government is strongly advising the banks to provide this option in order to reduce the number of foreclosures.
More than 60 percent of homeowners facing foreclosure are not taking advantage of the modification plan. They just want to get over with the process to end the horrific foreclosure proceedings.
You should take advantage of foreclosure modification option. This option gives you the best opportunity to end your mortgage troubles and to save your home. If you will not modify your loan, then more problems await you down the road.
Stop Foreclosure Today with Foreclosure Modification
