Stop Foreclosure With a Loan Modification
Posted on February 23, 2010
Filed Under Foreclosed Homes |
Stop Foreclosure helps the borrowers who cannot make loan payments and hence helps them save their home from foreclosure. If any homeowner has a fear of loosing his/her home, he/she has a wide choice to help him save his home from foreclosure. Whatever may be the situation of the borrower the financial institutions offer great help to them and hence stops foreclosure on their home. However to benefit from the stop foreclosure with loan modifications the borrowers should take assistance from a number of mortgage institutions that are willing to help him to get a loan modification done with the approval of the lender and help him save his home on stop foreclosure. All the borrower needs is to do a bit of documentation process and provide the details accurately to the mortgage company. The mortgage company further evaluates the information provided by the borrower and then provides a number of options for loan modification to the eligible borrower. The borrower is eligible for stop foreclosure with loan modifications if he has a valid reason to miss his loan payment. This may happen if he looses his job or may fall ill, or due to an increase in genuine expenses or simply fall short of funds to make loan payments. The mortgage company helps the borrower to modify his loan and assist him to save home by stop home foreclosure. If the borrower fails to make loan payment for the first time, the investor or the bank charges you a 30-day late fee. For this the investor or the bank sends a prior notice as a reminder for non-payment. The bank also discusses forbearance plan with the borrower to work on the missed loan payment and to bring you again on path. This special plan helps the borrower to reduce his payments or delay payments to help the borrower to repay the loan. The investor or the bank may also help by refinancing the loan and helps make the payment more reasonable. For this the borrower should confirm that he will anyhow handle the modification made on payments. But if you are unsuccessful to initiate your bank or investor and further avoid payments you may be charged late charges for 6 months , then 9 months and so onâ¦till this period you loose your credit ratings and may even loose to gain from the forbearance plan or refinance assistance provided by the bank helping you avoid home foreclosure. If the borrower can not make payments for 90 days, the bank or investor charges you with an NOD (Notice of Default) which states that the borrower has 30 days to make his loan current for which the borrower may approach the court or be prepared for foreclosure. The court orders an auction for your home to sell it within seven days. If there is no buyer for the home on auction, the bank or the lender takesover the ownership and starts with legal formalities like name transfer public notice etc⦠Other way round, if the borrower pays all the charges like legal fee, late fee, foreclosure fee he might be saved. A foreclosure leads to a tremendous drop in his credit ratings and may not be further eligible to borrow loans for at least four years. Luckily there are other simple ways by which a borrower can stop loan foreclosure without a big deal: a) Refinance b) Forbearance Plan c) Partial Claim d) Pre-foreclosure e) Deed-in Lieu of foreclosure f) Real estates short sales Refinance is the help offered by the bank that enables the borrower to easily pay off the loan for he should be qualified to make the payments. Forbearance Plan helps to ease or suspend payments till the payments are current again. A partial claim plan allows the borrower to make advance payment to the lender by a Promissory Note. HUD helps to grant a partial claim. A pre-foreclosure helps to sell the homeowners home with less effort and thus avoid foreclosure. Deed-in Lieu helps the borrower to stop foreclosure by selling back the property to the lender or the bank itself. Hence avoids foreclosure but at the cost of the borrowers home. Thus the borrower under a financial burden who can not make the payments to the bank or the investor can stop foreclosure by opting a number of ways mentioned above and thus saves his home with Stop Foreclosure with Loan Modifications.
jamiehanson
http://www.articlesbase.com/finance-articles/stop-foreclosure-with-a-loan-modification-741844.html
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4 Responses to “Stop Foreclosure With a Loan Modification”
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Can Chase foreclose on me after approving loan modification day before foreclosure?
I was called by Chase the day before my foreclosure sale date, and they processed and approved a loan modification. However, it seems that the specialist didn’t send and notify a request to have the foreclosure stopped after approving my loan modification; thus, the loan modification and foreclosure happened in conjuncture. The loan ended up being sold back to Chase. Now, they are saying that they can reverse the foreclosure, but they say the foreclosure has already happened. Sometimes when I call Chase, they tell me it is all over and nothing can be done. Then, I’ll call right back and talk to another specialist who says that it can be reversed since they made the mistake. They have sent me the trial plan package application, which I sent back with my first month’s modified mortgage payment in September. They not only took and processed that payment, they also took and processed October (this month) payment as well. Yet, the attorney’s office who was appointed by Chase and who is in charge of my foreclosure/eviction says that they have no record of a loan modification and the foreclosure sale is to take place next month. In other words, the left hand doesn’t know what the right hand is doing - the left hand doesn’t even know what IT is doing. So what do I do now?
Fax their attny a copy of the mod and receipts, along with the case number. Follow up with a call. They may be dismissive since they are close to getting paid on their work if it goes to auction. Get a lawyer to file a motion to stop the foreclosure. Call Legal Aid if you need to .
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I think you need to become a process server, in effect, and hand deliver copies of the loan modification documents to the shyster.
get a receipt. or hire a registered process server to deliver for you.
what ever it takes to prove the scumbags got the documents.
sue their asses if they "lose" everything (again) and cause you further damage.
maybe someone else a better idea.
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Your mortgage isnot modified until you have returned the signed modification package to the bank. Send the attorney a copy of the modification and your certified mail receipt. He can track whos desk it landed on.
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