subject: Stop Foreclosure Immediately - Getting Assistance For Quick Solution [print this page] Author: Hector Milla Author: Hector Milla
If you are in trouble with your home loan you are not alone! Millions of people have been losing their homes because of the incredibly tough economic times. Job losses, families destabilized because of health insurance problems, adjustable rate mortgages are leaving people vulnerable to foreclosure. Getting Assistance For Quick Solutions: First and foremost get on the phone to your lender and start talking about modifying your loan with smaller payments with a lower interest rate. From the President on down the whole country is talking about helping folks avoid foreclosure and the time could not be better for you to talk to your lender about changing the terms on your loan. Natalia Osorio Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out; Your lender may require that you document your reason for needing to modify your loan. If you have had reductions in your income you may need to supply them with pay stubs or whatever they need, but this is not as difficult as it may seem because of the failing economy Remember! The lenders do not want your house back through a "deed in lieu of foreclosure" or foreclosure. It costs lenders upwards of $30,000 or more in legal fees to take you through the foreclosure process. They do not want to be paying this out on the thousands of homes they foreclose on. It is by far more beneficial to you to try and sell your home for less than what you owe, which is called a "short sale" and negotiate this out with your lender, or have your Realtor negotiate out this "short sale" with your lender. A "short sale" or "deed in lieu of foreclosure" will save your credit for your future. These options are if you want to sell your home. If you want to keep it, modifying your loan will help you get the payments down. Also, I know a couple that are renting their house out right now because they had setbacks on their income. Renting the house will mean they get to keep it, even if they cannot afford to live in it presently. Again, get on the phone to your lender and start talking about loan modification to lower your payments. If you get nowhere with your lender, call your Congressional Representative or your Senator for help. This problem is widespread and serious, it is on the President's agenda daily, so they want to know if lenders are not helping. The big lenders are getting a lot of money from the taxpayers and they need to reciprocate N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.orgAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
