Can You Stop Foreclosure with a Loan Modification?
A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. With a loan modification, the lender may agree to do one of more of the following to reduce your monthly payment: reduce the interest rate.
Loan modifications can be used to stop the foreclosure process to help people stay in their homes. With a loan modification you can lower your mortgage payments and may be able to reduce your interest rate. With a mortgage modification you may be able to get a reduction in your principal balance.
The foreclosure process can be stressful. If you are looking for an experienced foreclosure service to help you stop foreclosure, call us at (630) 286-9276 or read on how filing bankruptcy may help.
If you have a sale date pending, you still may be able to apply for a loan modification. Many times people wait until it is too late and are forced to file for bankruptcy in order to stop the sale date. Click here if you would like to learn more information about filing bankruptcy.