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Forbearance

What is Forbearance?

Forbearance is not a loan modification. Forbearance is a repayment plan. Forbearance is a special agreement between the lender and the borrower to delay a foreclosure

. Often, a lender will make a forbearance agreement instead of a Foreclosure when a borrower is facing a unique and temporary financial problem. According to this agreement, the lender delays their right to foreclose to allow the borrower the chance to catch up with their mortgage payments. The terms of forbearance agreements vary among borrowers and lenders. Forbearance agreements are one of several options offered by Foreclosure-Shield.com.

What is Loan Modification?

Loan modification is a service whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms

. The most common modifications are a lowering of 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. Foreclosure-Shield.com’s Loan Modification specialists can help you determine the best modification option for your unique situation.

Will my Lender Modify My Loan?

Your lender should work with you but they are not obligated to do so. Our clients have had very poor results when dealing with their lenders directly. Many times they turn to Foreclosure-Shield.com because they have reached a dead end when negotiating a loan modification on their own. Plus, you may be leaving money on the table if you attempt to modify the loan yourself. Why would you settle for a loan that is modified from a 9% interest rate to a 7% interest rate when you can just as easily qualify for a 4% interest rate? The difference between 7% and 4% can equal thousands of dollars over the life of your loan.
Recent articles Recent Articles
Loan Modification Can Work For You

It is a remarkable situation that we as a country find ourselves in today when family homes are being foreclosed on with a scope and scale never before seen. Clearly the current U.S. recession and worldwide economic crisis is much to blame for this scenario. One might think that there might be no glimmer of hope in sight, and that banks might act too quickly nowadays to foreclose on homes if the borrower begins to fall behind on their monthly mortgage payments. But such is not the case.

The fact is that most people facing the prospect of foreclosure can stop the process in its tracks and... (READ MORE)

Stop Foreclosure With A Loan Modification

There are many alternatives to foreclosure, but many people are unaware that they exist. If you are among the millions of homeowners struggling to pay their mortgage or if you are already in foreclosure, you need to know that you have an alternative. You could try to sell your home in a market where no one is buying, or you could attempt to get a refinance loan, but those options leave a slim chance for success. The best option is for you to take advantage of the qualified professionals that work in the mortgage loan modification industry and see how they can help you lower your payments or in... (READ MORE)
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