Tuesday, June 12, 2012

Is It Possible to Stop Foreclosure

Do you answer yes to any of these questions: Are you facing foreclosure? Are your mortgage payments too high? Is your home worth less than you owe? Are you behind or know you are going to fall behind on your mortgage payments? And finally, do you wish there was a stop button to make this all go away?  If so, many homeowners are wishing and feeling the same thing.  The majority of struggling homeowners don’t know where to turn or even where to start when dealing with foreclosure.
To help with the stress level, the first thing homeowners need to know about foreclosure is that it is stoppable. It is not as easy as pressing a big red button but you can stop foreclosure. The ideal situation would be to start getting help before you receive the Notice of Default, and the best way that homeowners can stop foreclosure is to seek help in getting a home loan modification.  If you have already received the notice don’t worry, a loan modification can still be a good option.
The fact of the matter is that banks and lending organizations don’t want to deal with foreclosure any more than you do.  Foreclosure ends up costing the banks more money than it would for you to keep your home. Loan modifications are much easier and cheaper agreements than a foreclosure.
A foreclosure means one thing to the bank—unnecessary loss of money for both parties. With a foreclosure the bank is forced to forfeit the cost of your mortgage, in addition to paying your property taxes on that specific property.  As well as paying for a realtor to sell the house, and in almost all cases the house will be sold for a much cheaper price than it would sell on the normal housing market.
So let’s go back to those initial questions; did you answer yes to any of these questions?
  • Are you facing foreclosure?

  • Is your home worth less than you owe?
  • Are you behind or know you are going to fall behind on your mortgage payments?

Chances are if you are reading this blog post, you said yes to at least one if not all the questions.  The good news is we at The Mortgage Law Group can help!
If you pick up any newspaper you will find that President Obama has been working with and asking mortgage lenders to aid homeowners and help save your homes with modifications to avoid foreclosures.
President Obama’s bailout plan could help the following:
  • Lower your interest rate
  • Give you more time to pay off your loan
  • Reduce your principal mortgage balance
  • Stop foreclosure

Unfortunately, not all lenders are following the President’s request.  A handful are ignoring him all together, making it nearly impossible to get the loan modification you deserve.  If a lender doesn’t help or work with you don’t stress, you are not in this battle alone.  The Mortgage Law Group has attorneys all over the United States with years of experience dealing with mortgage lenders.  You have options; find out where to start today.
Call The Mortgage Law Group at  (888)591-6555 or fill out your free home loan modification consultation online at www.TheMortgageLawGroup.com

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