Phoenix, AZ -- (SBWIRE) -- 09/20/2012 -- Pittsfield Massachusetts September 20 2012 – Looking at the possible loss of your home due to foreclosure is just plain scary. You’ve put a lot of time and love into your place, and the thought of losing it just makes you want to cry. Well, before you do, take a moment to find out what your options are to avoid the situation altogether. Can a loan modification stop foreclosure is a good question to ask as you go about looking for solutions to your problem. The answer is, yes, it can – most of the time. You must do a little research to learn what a loan modification is, but here’s the short answer.
A loan modification is a change to your current mortgage loan that makes it easier for you to make your monthly payments and keep your home. If you’re employed but have recently suffered a reversal of fortune and have fallen behind on your mortgage payments, you may qualify for one of the many government-sponsored loan modifications. It’s also possible that your own lending institution may have a loan modification system set up for use by its customers.
So how can you find out if you qualify? Go to your lender and ask for a stop foreclosure loan modification. He can help you fill out the application for it, submit it, and give you an answer in a reasonable amount of time. The U.S. government offers several kinds of loan modification, all of which will be beneficial to you keeping your house. One such loan modification is HAMP (home affordable modification program), which lowers your mortgage payment to 31% of your monthly gross income so you can more easily afford your payments. The HARP (home affordable refinance program) enables you to refinance your home through other than traditional means, so if your home has decreased in value and it’s been difficult for you to refinance because of this, HARP may be for you. You may apply for any of the government-sponsored loans through your lender.
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Obviously, foreclosure and loan modification go hand-in-hand, in that the former is prevented by the latter. Foreclosure proceedings can be avoided by obtaining a loan modification, so take some time to look into it. If you’d like more information about this subject, go to Credit-yogi.com. The terrific customer service representatives there are available to answer your questions and address your concerns. They’re on hand 24 hours a day, so stop by and check out the site.