If you are facing foreclosing the best thing to do, and of course it is what the mortgage company would prefer, is to bring the mortgage payments up to date. While that may not be a problem for some people, this reinstatement amount generally includes thousands of dollars in attorney fees that are simply not affordable.
A loan modification is a program that reworks the loan. The term may be extended, the interest rate could be lowered, but most importantly the account is brought back to a current status and the foreclosure process is stopped. When a company looks at you for a loan modification, it is important for them to see that the hardship you were experiencing is over. If you are still unemployed and there is no income coming into the home, there is little chance of being approved for such a program.
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If this is the case for you, do not panic yet. Check to see where you are in the foreclosure process. Some states can foreclose in as little as forty-five days while other states take up to a year or more. This is completely dependent on the individual state laws that are in place.
Find out how much time you have and you may be surprised to see that you still have time to get your personal situation in order well enough that you can then get the help you need to pull your loan out of trouble. just don't give up and take action today.
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