My sister was one of those people that got stuck inside one of the millions of bad loans that were issued by the housing lenders over the years. She had a rate that was set to reset to a much higher monthly payment, and after losing her job, she would never have been able to afford the new rate. I was looking over her paperwork with her and helping her find information online on how does a loan modification work and we were able to find some very helpful insight about stopping foreclosure. After looking up a number of different loan modification companies, we finally came across one that looked very reputable. She gave them a call and they went right to work on her file. They explained to us that stopping foreclosure via a loan modification can actually be done properly and quickly, as the banks don’t want you to lose your home either. The entire process took about three months to complete. After which time they were able to modify her loan to a much more affordable and reasonable rate that she could handle.
