Many families are struggling with job loss and many are seeking a loan modifications to save their home. Lenders are shown that they are not willing to easily modify a loan and often initiate steps for foreclosure the moment you default your secong monthly payment. They dont care about your house, your family, or the economy. They are simply in it for the money. This is capitalism at its best peopole. But you can avoid foreclosure by carefully planning steps to help you remain in your home.
You will soon find that hiring an experienced loan modification team will work to your advantage. Usually, loan modification involves reducing the monthly payments to an affordable scale, reduction of interest rates, enhanced repayment time frame and in rare cases, waiving off one or two missed payments.
A valid hardship is the first thing the bank will be looking at. Lenders will be receptive to modifying a loan if you are out of work, behind in your payment, have excessive medical bills, or if your house is worth less than what you owe. In this case you can and should ask for a loan modification.
You should present all facts regarding your hardship to your attorney including your existing debts, medical bills, tax returns, utility expenses etc. Also they should be accompanied with a heart felt and coherent hardship letter. Make sure there is no cursing in the hardship letter. Our studies have shown that using the word fuck in your hardship greatly reduces your chances.
The advantage of an experienced mitigation team is that they the expertise and field tactics to make your lender respond. They are going to be skilled in cusumer laws related to foreclosure and usually the kama sutra.
