Home Loan Modification to stop Foreclosureiloans

Home Loan Modification to stop Foreclosureiloans

Compare Mortgage Refinance RatesUntil recently foreclosure was not a very common event. Homeowners with fixed rate mortgages could predict at the time of their loan closing what their monthly payment was going to be each month for the life of their home’s loan whether the loan was for 15, 20 or 30 years. Foreclosure and foreclosure prevention was not a top priority concern. Predictability was the primary benefit of having a fixed rate. One always knew what to expect and foreclosure prevention concerns seemed almost irrelevant.

In recent years, circumstances have changed in three important ways making foreclosure prevention a much more relevant concern. The first change was the introduction and subsequent popularity of Adjustable Rate Mortgages known as ARM’s. Particularly to first time homeowners ARM’s are attractive by offering low initial interest rates and monthly payments. However, due to multiple reasons, many of which are often outside the control of the homeowner, the interest rate on ARM’s can be increased. This upward change in the interest rate and corresponding increase in the ensuing monthly payments catches many homeowners unprepared for the consequences. Quickly foreclosure appears to be a real possibility.

The second big change which has made foreclosure prevention so important is even a more recent phenomenon. It’s the once unthinkable occurrence of the declining trend in home values in many parts of the country. When this occurs a homeowner finds themselves in a situation where the value of their home is now less than what they originally paid. In order to sell the home at the prevailing market value the homeowner will actually experience a genuine monetary loss. Financial loss mitigation becomes an urgent concern.

Both of these changes work independently as well as in concert to create a need for foreclosure help and loss mitigation. Fortunately foreclosure help is now available and working with our professionals, the homeowner’s chances are significantly improved to stop a foreclosure. In this process mitigating the homeowner’s potential losses is also an important objective that our professionals and the mortgage holder work on closely as a team.

Very recently, a third reason for concern over the possibility of foreclosure and loss mitigation becoming a personal experience is the tremulous economic process the country is currently going thru as evident in the many major negative events on the national level. The bottom line of much of this bad and often hard to understand news for the individual home owner can be one of several possibilities. These include the increased potential for losing one’s job or the job of a second wage earner in the household or having one’s income reduced due to cutbacks. Very quickly the possibility of a foreclosure and the need for assistance in foreclosure prevention is a personal reality.

Regrettably, most homeowners aren’t prepared to deal with this issue in a knowledgeable way. That’s where foreclosure help by professionals in foreclosure prevention and loss mitigation is so important to stop foreclosure before one’s home is loss. Fortunately you’ve come to the perfect place for help. Our professionals can give you the help you need quickly and competently.

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