stopping foreclosure, do it yourself loan modificationWe have a close family and I was talking to my second cousin the other day and he told me that and his wife are really upside down in their home and are having trouble making the payments. His wife lost her job and is hard pressed to find another one. Her unemployment checks are not making up for the loss of their income and they are concerned about stopping foreclosure. Since I have a lot of experience in real estate, I suggested he try to a do it yourself loan modification. I told him that the bank probably doesn't want his house back, and wih the new federal programs for loan modifications, he and his wife might qualify for a loan modification.

I told him the best thing he could do would be to call his lender and explain their situation. They are hardly in this boat alone, and if the bank could work with them, stopping foreclosure could be the smartest thing the bank could do. It's also the smartest thing that they could do, too. She will eventually find another job, and having lower house payments for a while will help them through this crisis. Many families have benefitted from lowered house payments to get them through a rough patch by stopping foreclosure. Hopefully, my second cousin can too.