Getting help with your foreclosure is the first step to either stopping it altogether and getting you on track with a lowered payment or just delaying the sale so you have time to get your “house” in order.
Foreclosure help comes in many forms, but here are some things that we have found can help you with your pending foreclosure.
1) Loan Modification: Everyone has probably heard of this or even had some experience with it. There are full service firms that help you negotiate with your lender and while they are doing that delay the foreclosure or put it on hold while the it Loan Modification application is being reviewed. Full service firms charge from $500, for front end paperwork processing, to $3,000 for full service that will get your loan modification application submitted and they will follow it through until you get an answer and negotiation the terms for you. This process can also be done on your own using a do it yourself guide for about $40.
2) Law Firms: There are many law firms currently providing foreclosure help. These firms help by doing many of the same tasks that a Loan Modification firm would provide but since they are licensed attorneys can sometimes get through to the legal department or request more in depth review of your loan file. Attorneys who are seasoned in this type of work can sometimes find errors in your paperwork which could determine the loan is not in compliance with the lending laws or was originated using fraudulent methods. If this is the case you can sometimes have a better position to negotiate better terms.
3) Do it Yourself Foreclosure Help: In most cases this does require a little more of your personal time but can be done if you know where to start and how each step works. There are many do it yourself books and kits, but knowing which one is going to get you to a lower payment and better overall terms is the hard part. You want to choose a book written by professionals who have experience with loan modifications first hand. This does not necessarily need to be an attorney, but should be someone who has helped people with their pending foreclosure and loan modification.
Any of the above methods should help you either delay the foreclosure or get you into better terms on your mortgage so you can stay in the home indefinitely. Budget and time should be considered when making your choice as to which option type of foreclosure help you need and are ready to take on. By following a Step by Step Loan Modification Guide you can stop foreclosure and modify your own loan with no more cost than $40 for the guide and your time.
Remember.. Stay Persistent and never give up!!