If you have any income coming in, you may qualify for a home loan modification.
We Buy Houses Fast – Fort Worth TX: There are a variety of ways to save a home from foreclosure. Not many, really, but there are a few options and you should explore them before giving up and allowing the lender to take your home back. Letting a foreclosure go through without a fight may be the worst thing you can do. Take a little time to see what else you can do.
If you have any income coming in, even if it’s not as much as you had when you took out the loan, you may qualify for a home loan modification. Those are available through the federal government, but that process is a bit complicated. There are people to help you fill out the paperwork necessary and you’ll have a waiting period before you find out whether they can help you or not. With the foreclosure clock still ticking while you wait, you’ll need to be looking for alternatives while your application is being processed, just in case you are denied at any step along the way.
The lenders often have their own loan officers that specialize in loan modifications. They can do this in house and if they have been dealing with you all along they will have lots of your information already in their database. You may be required to update your financial information and any other changes that have occurred since you took out the loan in the first place.
“The lenders often have their own loan officers that specialize in loan modifications.”
They need the most updated information so they can best help you. They do not want to take your house away from you. They would much rather you keep it and continue to make payments even if they are less than what you paid originally. Foreclosure is complex and expensive for banks and lenders and they often don’t come out on the winning end of the auctions or other means they have to dispose of the properties.
A word of note about the government loan modification programs is that they do not stop the foreclosure clock, so there is a possibility that if you are denied even in the very last stage of the process, you may have no time left on your foreclosure and will be evicted. A better option in that case may be to see what you can get for the property from an investor. They buy houses in as little as a week and you’ll avoid foreclosure if you choose this option.