How Does a Loan Modification Work? How Does a Loan Modification Work? http://howdoesaloanmodificationwork.com en-us Thu, 12 Jan 2012 08:52:16 GMT Thu, 12 Jan 2012 08:52:16 GMT <![CDATA[If More People Knew About Loan Modification Companies]]> I have a neighbor called Sue who is, in my opinion, rather ditzy. Sometimes it seems that Sue does not have a clue how the world really works so that I actually feel sorry for her. Recently stopping foreclosure has become an issue for Sue. The company she works for recently reduced the wages of all staff members so now she is struggling to keep up with her mortgage repayments. She’s been making and selling soy candles as a side-line but I don’t think she has made very much money at it.
Recently I suggested to Sue that she should approach one of the loan modification companies that specialize in stopping foreclosure before it happens. When I mentioned loan modification companies Sue asked me a question: How does a loan modification work? I am not an expert when it comes to mortgages or other financial matters but I have some idea of what loan modification is. I told Sue that loan modification companies work with mortgage lenders to change the terms of the loan. This usually means that the borrower pays back the mortgage at a lesser amount each month, but for a longer period of time.
Sue had not even considered approaching one of the many loan modification companies before I mentioned it to her. However once I explained to her what I knew about loan modification she perked up considerably. The last time I spoke with her she said she had asked for help from one of the loan modification companies and they were doing their best to keep her in her home.
I am glad that the conversation I had with Sue prompted her to take action. Loan modification companies specialize in stopping foreclosure and if more people were aware of them I sincerely believe that the credit crunch of recent years would not have been as severe as it was and thousands upon thousands of families would still be living in their homes today. My husband and I are doing ok and we’ve remained fiscally solvent. However predicting the future is impossible and our financial situation could change tomorrow. If we were struggling to keep up with our mortgage repayments I would not simply bury my head in the sand like an ostrich. My husband and I have worked far too hard for what we have just to throw it all away. If we got into hot water I would not hesitate to find one of the more reputable loan modification companies and ask for help.
]]> Thu, 18 Mar 2010 04:00:04 GMT <![CDATA[Do It Yourself Loan Modification Successful for Garage Sale Family]]> The weather was just perfect for a bike ride Saturday and on my way to the canal where I like to ride, I stopped at a home where they were having a yard sale. They had all sorts of good stuff on the driveway and I was wondering why they were selling everything and the wife told me that they were working on a do it yourself loan modification, but weren't sure if the mortgage company would approve them. They thought that working with their bank on stopping foreclosure would go through, but just in case it didn't, they wanted to take advantage of the fine weather to get rid of some things that they weren't using much and raise a little pocket money by having the garage sale.

Since I was on my bike, I didn't have any way to carry anything home, but I did find a pair of loppers that I sorely need to prune the yard, so I paid for them and said I'd drive over this week to pick them up after work. When I picked them up today, I was happy to hear they were successful at stopping foreclosure and that their do it yourself loan modification had been approved. I asked her how they did the do it yourself loan modification, and she said that they called their bank when they realized they were in trouble. She said it took time, but was worth it. Their bank doesn't need one more toxic asset on their books, so they were actually quite cooperative, she reported.

It was a success story I was happy to hear. Although I don't know these people, I feel good for anyone who is able to employ a strategy for a do it yourself loan modification and avoid foreclosure. Many of the families who had to leave their homes end up in apartments and for young children, this is not the most pleasant way to live, although it is doable. For many families in homes they can't afford, stopping foreclosure is at the top of their list and whether they are able to make more money with part time jobs or by cutting fat out of the family budget, hanging onto the house is their top priority.

It wasn't until I got back home from picking up the tool that it occurred to me that I should have offered to sell the loppers back to her since they were staying put, but then I realized that they were saving so much money by not having to move and could afford a new pair of loppers themselves. I put my great garage sale find in the tool shed and had a nice evening with my family, vowing to follow her steps should we ever be faced with financial difficulties.



]]> Thu, 18 Mar 2010 03:58:54 GMT <![CDATA[Keeping an Open Mind to Do It Yourself Loan Modification]]> When someone is talking about stopping foreclosure, while loan modification companies and bank loan employees become very important people, in the end the turnout is largely in the hands of the homeowner. Every problem is best saved with a positive attitude. I have never had to deal with loan modification companies not being a homeowner but I have had close family and friends who have. I’ve seen the increase in grey hair and short temper such money problems can create. I can’t imagine losing the roof over my head especially if I had a family. So for those in such a situation, taking a deep breath and approaching the problem head on without emotion seems like the route to take. Easier said then done. Imagine how many daily struggles loan modification companies hear about in these times. If they became emotionally attached to each homeowner sinking under financial debt they probably wouldn’t last long in their position. They take it as a business meeting and leave emotion at the door.

The people that can do this are more likely to pull off do it yourself loan modification. There are plenty of articles and online help sites for making this turbulent journey to calm financial waters. I had a family member recently call an appraiser over to their house to reevaluate the value of their home in an effort to pull some of the monthly mortgage pressure off their shoulders. Apparently, Obama has a new fund for homeowners not drowning in debt but looking for a little bit of leeway. This fund is for the people who aren’t interested in stopping foreclosure but just some extra money when the bills come around.

The appraiser came, checked out the house, mentioned how well maintained it was but then mentioned home values as a whole aren’t increasing yet. This occurred in Arizona. So he made his appraisal and the information was taken to a loan officer who assured that this new government fund should help decrease the monthly mortgage liability. The results aren’t here yet but I’m confident in a change. Loan modification companies continue to use new government funded programs to save drowning homeowners interested in stopping foreclosure or those who’ve never missed a payment but would greatly appreciate a financial brick taken off their chest. There is hope. Some take the do it yourself loan modification route, others contact loan modification companies and some find ways to make more money each month.  It comes down to specific situations.
]]> Thu, 18 Mar 2010 03:49:37 GMT <![CDATA[Lenders Can Have a Hand in Loan Modification Companies Success]]> This morning like many I started reading the daily news online after breakfast. I came across a very interesting article from the Associated Press pertaining to this blog. Like I said before I have only had second hand experiences with loan modification companies. I’ve never looked into stopping foreclosure personally being a renter but I have talked with real estate agents, family and friends about this whole confusing jumble of residential loan repayment. So that is my back story, now what I concluded after that AP article titled Wells Fargo signs up for loan modification program is that a homeowner’s specific lender can have a lot to do with the results of stopping foreclosure.

To paraphrase the article, Wells Fargo recently agreed to become part of Obama’s mortgage modification program for those interested in modifying their second mortgages. Sometimes these people are the ones who have gone with loan modification companies before maybe before times were tight to create a lesser monthly stress when bills came down the pipe. I don’t know if this is a fact, not being a homeowner but I would assume those with multiple mortgages concerned with stopping foreclosure are more desperate from the bank’s point of view then people with a single mortgage payment.  That being said there was a large increase of second mortgages when the residential boom occurred according to the Associated Press. Reason being these second mortgages greatly reduce if not nullified down payments and the monthly house payment.

So initially, these people with second mortgages may not have gotten them because of desperate financial times but after the economy collapsed and that second mortgage payment sky rocketed a once great thing turned into a scramble towards stopping foreclosure. This article may be great news for those using the Wells Fargo family of lenders.

The point of all of this is that the policies of a lender and their allegiance with specific government funded mortgage programs can have a great effect on the results of loan modification companies. It is just something else to consider for those interested in stopping foreclosure or reducing some of the monthly bills. It is no secret our country is still in a downturned economy. Anyone who has recently looked for a job can vouch. Times could always be worse. Like all economic downturns, it will bounce back. When, is for economists and academics to debate. Until then we have to stay positive and ride out this storm.
]]> Thu, 18 Mar 2010 03:41:02 GMT <![CDATA[Stopping Foreclosure May Mean Updating the Resume]]> Part of my family is from and lives in Arizona. The Southwest more specifically Nevada, Arizona and parts of Southern California have been hit the hardest in this residential downturn. There are plenty of predictions of when home prices will start to increase again but the key here is the word, “prediction.” A friend recently graduated college in the Southwest with an economics degree. He faced class discussions based totally on the future of this part of the country. What he told me was there should be an increase in jobs and real estate prices around the Phoenix area within the next 3 years. This came as great news for some of my relatives who have been researching how does a loan modification work.

It is a scary thing when considering the help of loan modification companies. I have felt that pit in the stomach when the bi-weekly paychecks start getting smaller from results of the economy. Stopping foreclosure starts with loan modification companies but should not stop there. Sometimes the only option is making more money and that can mean finding a new job.

A guy I grew up with went to school in Arizona and then before the huge residential fall out bought a small one story home in an outlying area of the city. It is one of those small communities that exploded when urban sprawl in the area was going bonkers. As his home value dropped, he saw a distant future where he would not be able to get what he put into it upon sale. I’m sure stopping foreclosure crossed his mind. In an early decision to start making moves now he updated his resume and took a part time night job after his normal employment. I have no idea how much extra money the side job is making but it is something.

Hopefully he does not have to sell for a few years that way all that extra work will just be for more money in the bank. Stopping foreclosure from what I have heard has to be a multiple pronged attack. Settling for a single out is not a good idea for anything. Loan modification companies are a great place to start though. A solution can come from all sorts of creative ways. That friend I was mentioning is a skilled mechanic and now makes some extra money with mobile repairs after posting an ad in the classifieds.
]]> Wed, 17 Mar 2010 02:46:11 GMT <![CDATA[Stopping Foreclosure Was an Achieved Goal of Neighbors Next to Us]]> It has been a rough period for homeowners, especially those who are upside down in their homes, and there are federal programs that have been designed to help struggling homeowners with loans they either can't afford or are upside down in their homes. My mother's neighbor is a very active real estate agent and he reports that the number of foreclosed homes on the market seems to be dwindling, so maybe those programs aimed at stopping foreclosure are making an impact.

Our neighbors were looking at losing their home through a foreclosure action, but they worked with their lender and were successful stopping foreclosure. They had to fill out some forms and jump through a few hoops, but all along the way, their lender kept telling them that they did not want that house back and to be patient while their load modification application went through the rather lengthy process of approval. It was a struggle, but in the end, the got their loan modification directly through the lender rather than using loan modification companies, although they were prepared for that route in case the lender bailed.

I am so glad they were successful stopping foreclosure. The foreclosed homes bring down the value of other homes in the market and we want to sell our home next year and move to a smaller town in Arizona. We are lucky because we bought our house before the big run up in real estate prices that started this crisis, and we live in an older neighborhood, too, which helps. While we saw our home's value double during the big run up in prices, we stayed put, and are glad we did. Had we moved to a larger home, we'd be in the same position as many other homeowners who either need loan modifications or are stopping foreclosure by negotiating with their lenders or loan modification companies.

Living in a stable neighborhood is important to us for many reasons. First, we want to be able to eek out some equity in the house to use as a down payment for the next one when we move, and an occupied home is a kept  up home. In Phoenix, one of the hardest hit real estate markets in the US, people who weren't successful at stopping foreclosure left behind full swimming pools that are a real health hazard in the summer because of the bugs. And foreclosed homes' landscaping is ill kept, which drives down the value of homes surrounding it. So far, we've been lucky in this neighborhood and I applaud all our neighbors who may have been faced with high house payments but who have managed to dig themselves out using the federal programs or jumped into part time jobs to stay put to wait out this crisis.
]]> Wed, 17 Mar 2010 02:09:43 GMT <![CDATA[How my Friend Went About Stopping Foreclosure on his Home!]]>

stopping foreclosure, loan modification companiesThere are so many stories that you read about loan modification companies that are getting into trouble because they are promising people that they can contact the mortgage lenders on their behalf, effectively stopping foreclosure. The one thing that I have learned, after my younger brother and a few good friends went about stopping foreclosure on their own, I really wish to share with you so that you may be able to apply a bit of the tricks that they learned about stopping foreclosure to your own situation; should you find yourself facing a foreclosure that is. First and foremost, many times, as my friends taught me, and as some online research has revealed to me, most banks are all about stopping foreclosure, because they generally lose money if your home goes to an auction sale. Take a good buddy of mine for example, who was in a home loan that had an adjustable rate, and when the payment reset he found himself up the creek and unable to afford his loan anymore. He called around to many different loan modification companies but they were all charging some fees he couldn’t afford, and he really is this do it yourself type of person—so he decided to go about stopping foreclosure on his own.

I asked him how he was able to get the bank off his back, effectively stopping foreclosure and getting his loan reset. He told me that he contacted the local Attorney General’s website and read about their rules on homeowners stopping foreclosure. Then he met with one of their counselors that provided him with a handbook that was all about stopping foreclosure. After really doing his research, he told me he called up the bank and explained the situation. They sent him some paperwork to do, and told him that stopping foreclosure was in their interests as well. According to my friend, the entire stopping foreclosure process took about three months. However, in the end, he was actually able to get the bank to entirely rework his home loan and modify the payment so that he could afford to keep it, stopping foreclosure and not having to move or destroy his credit rating. He said that his bank was actually rather willing to work with him, and he made sure to keep up on it and not get down on his luck. After he really pursued the matter, he did go about stopping foreclosure, and he did reset his loan, and he still enjoys living in the wonderful home he bought—now at a monthly payment that he can afford!

]]> Tue, 16 Mar 2010 02:03:51 GMT <![CDATA[Just How Does A Loan Modification Work?]]>

There are two sides to loan modifications.  First, there is the standard thirty-year fixed mortgage, and then there is the Adjusted Rate Mortgage (ARM).  The thirty-year fixed mortgage is the loan most people want to acquire because they are considered average or above in the financial world.

Then we have the ARM mortgage which was specified for the people in the upper class of income.  However, this is not as popular in the last few years because the bank had extended too much credit in the last decade.  Times have changed now, and that is over.  2010 was the drawing line.

The thirty-year fixed mortgage is only for people who survived the last ten years of the econonmy and still have the equity or cash in their family.  This mortgage is also dependent upon jobs and income. Whereas the ARM is dependent on the wealthy who want to invest. 

A Do-it-yourself loan modification means you are going to apply for a loan modification and tell the mortgage company what you can do.  This entails a means test with your own financial abilities through compiling spending on food, transportation,etc and whatever is left over is the amount you can pay.

Stopping Forecloser is to accept the bank or whomever financed you for the loan's terms of modification.  This keeps the house; however it may not prove to be best for you.

Finding the best loan modification system that is applicable to you is first and foremost the most important factor in saving your home.  Becoming educated to these various forms developed in the stopping foreclosure techniques can be your salvation.  Finding good loan modification companies is your next step. Determining the lowest rates and terms of the loan modification is essential.  Providing you have good credit will be a determining element as to what the mortgage companies will offer you. 

Getting the best deal, acceptable terms, overall agreement between you and the loan modification companies  must occur if you are to be successful in stoping foreclosure.

How does a loan modification work?  It works because you have done your homework, you have checked out the loan modification companies, and you are prepared to do whatever it takes to keep your home.  Stopping foreclosure is not as difficult as it once was, and in today's economy, you can do this successfully.  Loan modification companies will work with you with a much better attitude than in years gone by.  If you are prepared, you can have enough money to keep the home and still have money for that vacation you'll need after all that work!
]]> Fri, 05 Mar 2010 14:56:37 GMT <![CDATA[More of my Friends are Turing to Loan Modification Companies]]>

loan modification companies, stopping foreclosureThere are so many people I know out there that are trying to go about stopping foreclosure, and after seeing how loan modification companies really helped my younger brother with stopping foreclosure, I am anxious to aid any of my friends in need. Now I am sure that you my have heard both some good things and some bad things about loan modification companies, however the bad aside, there are some really great loan modification companies that are out there—which are the ones that my younger brother turned to when he was in a financial bind and needed to go about stopping foreclosure but didn’t have a clue where to start. I recall him phoning me up one day and he was a bit disturbed because he was getting behind on his mortgage. I told him to relax, that there were many people that were having trouble making their payments on time and that we could work together to find a candid solution and resolution for his problem and effectively figure out a way to go about stopping foreclosure! We decided to meet over at my house and do some online research on the subject, and that was when we learned all about different loan modification companies that were out there that could help him.

I also did some other online research about loan modification companies and learned that you always want to make sure that you are dealing with a reputable loan modification companies that will help you. One of the things our online research yielded to us was that the local Attorney General’s office actually offers a free online list on their website about great loan modification companies that are really changing people’s lives and stopping foreclosure for them. After talking to several of these loan modification companies, my brother was able to find the right fit for his needs. And he was also able to lower his mortgage payment monthly and even keep his house, effectively stopping foreclosure. Thanks to the information that I learned about loan modification companies, I have been able to since tell many of my friends who have found themselves in similar situations. They too have used the same loan modification companies and have been able to keep their homes. For me, being able to learn about something like this and also being able to share the information with friends in need made me feel so good inside, like I was truly helping out in the best way that I could!

]]> Wed, 24 Feb 2010 19:07:30 GMT <![CDATA[Outlasting Recession with Do it Yourself Loan Modification]]>  Recently my dad refinanced his house. He had been trying to sell it but do to the recession was not getting any offers that looked very appealing. The ones he did receive turned out to be from people who got cold feet as the economy continued to be uncertain. Fortunately, he was not one of the people who had to move. He wanted to. Tired of the area and ready to buy a smaller, more comfortable house. The house sat on the market for many months before he took it off.

At this point he researched the do it yourself loan modification. After some long talks with the bank and many more months, he was able to lower his mortgage payment, secure a great APR for enough time to outlast the recession. With the do it yourself loan modification, he went the route of an ARM. One that balloons in six years. By then he plans to have the house sold anyway. Loan modification companies can be a homeowner’s best friend in outlasting the poor economy. The key to success, from what I’ve been hearing, is patience and time. Nothing works as planned when backed into a corner.
]]> Tue, 26 Jan 2010 11:32:10 GMT <![CDATA[Using loan modification companies can help you redo your mortgage, save money!]]>

loan modification companies, stopping foreclosureIf you are stuck in a bad home loan, like a good buddy of mine was, and you find yourself sitting at the kitchen table each and every night crunching the bills and trying to figure out ways to pay for them, there may be a solution on the horizon for your financial future and wellbeing. I have a really good friend who got into a bad loan and he was just struggling to pay the rate, and then the rate shot up through the roof. He was trying to figure out ways to go about stopping foreclosure, when he decided to look into using loan modification companies to help him out; as he is no real estate expert. The process took a while for him, as the loan modification companies have to do a lot of paperwork and speak to the banks, but in the end, the loan modification companies really did help him out. He was able to get his rate dropped to something that he could afford, and he saved his home. He no longer sits over the bills with a worried look on his face, and has since been a lot less stressed out!

]]> Wed, 20 Jan 2010 02:10:13 GMT <![CDATA[Stopping Foreclosure in 2010]]>  It is a new year and with it will come new obstacles, successes and triumphs. While back home for the holidays my mom told me about one of her friends who is currently looking for ways of stopping foreclosure. Her friend has an adjustable rate mortgage, which is ballooning in April. On salary, she knows exactly how much she will make every single month. Bottom line is it won’t be enough to cover the ARM payment. At the time, when the lady refinanced she figured her home would be sold by April and the balloon payment wouldn’t be a problem with the sale earnings.

She refinanced a few years ago and those earnings are pretty much nonexistent at this point. Stopping foreclosure has become a huge stressor in her life according to my mom. On the bright side, there are talks of her getting a promotion, which would increase her salary. My mom works with her and thinks the promotion is coming down the pipe. Like anything else, her friend won’t be excited until it happens. I hear she is looking around online for the best loan modification companies just in case. I have my fingers crossed.
]]> Thu, 14 Jan 2010 11:42:28 GMT <![CDATA[Loan Modification Companies Backed Up Worse then Toilets at the Super Bowl]]>  Last night, while watching the evening news I listened to a distressing story about a family’s struggle stopping foreclosure which should have been avoided if it wasn’t for how backed up Loan Modification companies were (not all some). The story went a long time husband and wife who had raised their kids in the same house they were now living in had fallen on some tough times. The husband lost his job and was not able to make the monthly payments anymore. At this point, one of the largest lenders in the country mailed out an auction notice. They had so and so time to cover what they owed or their home was going to public option.

Turns out the husband put his home up for sale and sold it that same day for a decent profit. It was enough to cover the mortgage and come away with enough money to get another place. The problem was stopping foreclosure from this point. The big company ready to hold the auction was impossible to get a hold off to tell the house had sold. They in a statement said were too busy to know about the sale and freeze the auction. The auction ended up happening and someone bought the house for the second time. Now it is in court. Loan modification companies are backed up so stopping foreclosure has to be a persistent, quick process nowadays.
]]> Fri, 08 Jan 2010 10:28:03 GMT <![CDATA[Some of my friends had BIG things to celebrate with New Year: Stopping Foreclosure ]]>

stopping foreclosure, loan modification companiesThere are so many of my friends who have really struggled with their bills over this past year, and many of them were able to go about stopping foreclosure this year, prior to the end of the year—so one could say that we were all in high spirits when they attended my New Year’s Eve Party over my house last night. I asked a few of them, who are really close friends of mine, how they were able to go about stopping foreclosure, and they all told me pretty much the same thing. They contacted reputable loan modification companies that specialize in stopping foreclosure and were able to get all of their paperwork in order in time for the end of the year. In fact, I learned from my friends that many home lenders are really working with the homeowners these days because they don’t want to suffer anymore losses on foreclosures, and because of new laws that have been passed that allow the homeowners more leniency and grace with stopping foreclosure. Indeed, it is a great New Year for one and all!

]]> Sat, 02 Jan 2010 00:40:24 GMT <![CDATA[Stopping Foreclosure with Loan Modification or Short Sale]]> stopping foreclosure


All around me I see people in my neighborhood and others losing their homes due to the recent swing in the economy. This is bad for everyone because as they foreclose on and loose their homes the value of every home in the neighborhood goes down. For some stopping foreclosure is not an option.
 
It is a shame to loose your home but it seems the banks are not real willing to help the home owner unless they default on their loan. Stopping foreclosure does not seem to interest the banks. It would appear that way from the casual observer but I have learned otherwise through friends who have done short sales and allowed their mortgages to get behind. 

One example is a guy who did not pay his mortgage but the bank did work on stopping foreclosure at the last minute. This person was allowed to do a loan modification and is still living in his home. He avoided short sale and his mortgage payment dropped over nine hundred dollars.

Another person I know let his mortgage go delinquent. But rather than stopping foreclosure he did a short sale and got out from under a huge mortgage debt. He now lives in a rental property and is happy as a lark.

      ]]> Sun, 27 Dec 2009 09:39:01 GMT <![CDATA[Younger brother went about stopping foreclosure just in time for Xmas]]>

stopping foreclosureMy younger brother had some financial troubles over this past year, and was looking all over the place at different ways that he could go about successfully stopping foreclosure. He had called me up and we did tons of research, and learned that you can do something called a short sale that will effectively allow you to go about stopping foreclosure. We hired a qualified short sale agent who is a specialist in stopping foreclosure, and he listed the house on the market and dealt with the bank on my brother’s behalf. There was some paperwork that was required and we cleaned the house and moved all of his things out. Then they put the house on the market for sale. Eventually, actually earlier this month, his house was sold, effectively stopping foreclosure. It was probably the best Xmas present that my brother has ever gotten in his life, and you can bet that he is happier than apple pie this year! I am just thankful that there are options in stopping foreclosure like a short sale, because it really saved my brother’s credit and gave him a fresh start for the New Year!

]]> Mon, 21 Dec 2009 02:13:44 GMT <![CDATA[Let Loan Modification Companies Be Your Doctor ]]> loan modification companies, stopping foreclosure


For a while, it seemed that loan modification companies were being very quiet, but I heard on the radio that new bank regulations are going to make loan modification companies feverishly sought out again. It seems banks are going to be given even more incentives to help customers stay in their homes and along side with loan modification companies, this means excellent news for those who are having problems making mortgage payments and those close to being in foreclosure. Last year, a friend of my father’s was in a bit of trouble making his mortgage payments and tried doing a loan modification, but did not succeed. A couple of months back they enlisted the help of one of the many loan modification companies and today they are sporting an amount due on their monthly bill that had my dad wishing he too would get into the loan modification game. Now that banks will have even more reasons to approve modifications, with the help of loan modification companies, lots of people are going to be sporting amounts due on their mortgage bill like Christmas came early. Being able to save a home, for many of us, feels just like being able to save the lives of someone we love and in that process loan modification companies are the stopping foreclosure doctors.  
]]> Wed, 09 Dec 2009 15:31:04 GMT <![CDATA[Stopping Foreclosure Is Good For The Mortgage Lender Too]]> stopping foreclosure, loan modification companiesFor families who find they are struggling to meet their monthly mortgage payments stopping foreclosure is obviously the first priority. I have sometimes wondered how I would feel if stopping foreclosure were an issue for my family. I imagine that I would feel ill with worry and it would have a detrimental impact on all members of my family. Probably I would feel very isolated and alone. Hence I can see why families faced with the challenge of stopping foreclosure might feel that it is them against the world and that nobody is on their side. In such a situation I think that it would be easy to forget that stopping foreclosure is also in the best interest of the mortgage lender because they also stand to lose money. That’s where loan modification companies come in. I think that if I were in such a situation I would definitely do my research and request the help of one of the more reputable loan modification companies.  I would do anything not to lose the home that my husband and I have put so much work into maintaining.



]]> Wed, 09 Dec 2009 09:47:07 GMT <![CDATA[There are some great Loan Modification Companies that can help you save your home]]>

loan modification companies, stopping foreclosureMy friend was about to lose his home earlier this year because he had a bad mortgage, and his rate reset to something that he could not afford. He was trying to figure out all sorts of ways to go about stopping foreclosure, but to no avail. So he contacted the Attorney General in Arizona and found a list of approved Loan Modification Companies that could help him save his home. I was skeptical because I have heard some stories about Loan Modification Companies, but he needed a solution. It took a few months for the loan modification to go through, but eventually he was able to work out a new deal with the bank and got a much lower monthly payment that he could afford; they reworked his entire home loan. His advice to me and others was to make sure that you use Loan Modification Companies that are recommended by the state governing offices, because those are the legitimate ones that can really help you to save your home via modification of the loan!

]]> Wed, 02 Dec 2009 01:58:51 GMT <![CDATA[Stopping Foreclosure Using a Short Sale Worked Great for my Brother Andrew]]>

stopping foreclosureI have an amazing story about stopping foreclosure using a short sale for all of you folks out there who may be, or who may know, somebody that is trying to go about stopping foreclosure. My brother bought a nice new home in beautiful Chandler, Arizona nearly two years ago. When the real estate market turned, he was on his back and upside down on his payments. Then he lost his job because he got sick – it seemed there would be no happy ending to his turmoil. I had a good friend who was involved in real estate and started asking him if there were any realistic ways that he could help my younger brother with stopping foreclosure. He told me that there were some options, and he called in a favor to a friend who was a short sale real estate agent who specialized in stopping foreclosure via short sales to the bank.

We learned, after meeting with this really nice fellow, that many times the banks want to help you by stopping foreclosure using what is called a short sale process. They explained to us that stopping foreclosure using a short sale is just another way to quickly sell your home in a bad housing market. Since the bank loses tons of money when they take a home back, stopping foreclosure is in their best option as well, as they let us know. So with a short sale, banks would allow my brother to market the home for what it was currently worth, and not what he had originally paid and owed them the balance on; which was much more money. Essentially the process would allow him to go about stopping foreclosure by selling his home quickly for a bargain on the market, with the bank accepting less than was owed and calling it a day on the balance difference.

We hired the short sale agent and started the process of stopping foreclosure. It took several months of showing the house, going back and forth between the bank and filling out the required paperwork for stopping foreclosure. However, after about five and a half months, an interested buyer made an offer and the bank finally accepted it the other day and the sale closed. My younger brother is finally free from that burden and the bank is happy as well. The new buyers are really nice and they got a great deal on a really awesome home that my brother just could not afford to own anymore.

Turns out my brother got his holiday wish after all: stopping foreclosure successfully on his home and saving his credit rating.

]]> Sat, 28 Nov 2009 15:59:52 GMT