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Stop Foreclosure Now! |
The decision to reach out for help with your mortgage is not one that's easy to make. So we congratulate you for taking the first step towards saving your home from foreclosure.
Ask yourself this: If you could modify your loan, making your mortgage payments more manageable, and allow you to prevent foreclosure, why wouldn't you? The process is called Loan Modification and it is available to you now!
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What is Loan Modification? |
Loan modification is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, increasing the loan term, forgiveness of payment defaults & fees, or any combination of these.
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Can I Negotiate A Loan Modification On My Own? |
Of course. However, negotiating and closing a loan modification is like representing yourself in court: it is possible, but you must decide if you are willing to take the time and assume the risks on what is likely to be your most valuable asset. A Loan Modification can be a complicated procedure and you are only allowed to modify your loan under President Obama’s plan one time. So it’s crucial that you get it right the first time. Many times homeowners turn to Foreclosure-Shield.com because they have reached a dead end when attempting to negotiate a loan modification on their own. For a real life example of the frustration that can result from the Do-It-Yourself Loan Modification, please see this CNN Investigation on Loan Modification.
 Recent Articles |
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Foreclosure Crisis Spreads
According to an article in U.S. Today, the nation's foreclosure crisis, once mostly confined to only a few corners of the country, is spreading to new areas as the economy continues to be bogged down. The foreclosure rates in 40 of the nation's counties that have the most households have already doubled from last year. Most were in areas far removed from the avalanche of bad mortgages and lost homes that have hammered the U.S. housing market. Among the new areas: Boise and Green Bay, Wis.
Unli... (READ MORE) | Top 5 Reasons Loan Modification Will Work For You
Struggling homeowners now have a chance at getting their mortgage modified by their current lender. A Mortgage Modification (or "Loan Mod") is simply a modification to an existing loan made by the current lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term on the loan, a different type of loan or any combination of the three.
Some consumers confuse a loan modification with a forbearance agreement. These are two separate types of agreemen... (READ MORE) |
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