Yes, You May Qualify For a Foreclosure Loan
It is imperative that you understand exactly what a home modification loan is and how it works. In generic terms, a home modification loan takes your existing home loan and modifies the terms of the loan so that the payments are lowered and the loan is current. When it comes to feeling trapped in a foreclosure nightmare, a home modification loan is the answer to your prayers.
Qualifying for a foreclosure loan doesn’t require a rocket scientist degree either. Many people are deterred by the details and complexity of the processes involved in getting a home loan modification. But if you are facing a foreclosure and about to lose your home, the alternative should be even more of a deterrent such that you enlist the necessary services of a home loan modification specialist to work with you in helping you to save your home.
No matter what your hardships may be, changes are you can qualify for a foreclosure loan. There are very few exceptions. Blatant disregard for your loan payment when verifiable income was available but not used is an example of one such exception that may virtually guarantee you disqualification from receiving a foreclosure loan.
Many people have some of the same questions about whether or not they qualify for a foreclosure loan. Some of the most common questions and answers are:
Q. What is a home loan modification?
A. A home loan modification is a process that makes permanent changes to one or more of the terms of your home loan. These changes allow a homeowner to be relieved of foreclosure proceedings and experience an immediate adjustment to their mortgage so that the account is made current and payments become affordable.
Q. Do I qualify for a home loan modification?
A. Factors such as personal hardships help to determine your eligibility. Such factors include job relocation, loss of employment, death of a co-borrower, imprisonment, divorce, business failure, reduction in income and property damage due to natural disasters. The list of personal hardships is much longer than this sampling, which is just to give you an idea.
Q. Should I hire an attorney to help with the loan modification process?
A. Only you can decide whether or not legal assistance is affordable. Since your financial situation is the issue you are facing with foreclosure, you may want to consider seeking free legal advice.
Q. Will my home loan modification have provisions that include the lender’s late fees?
A. There is no generic yes or no answer to this question because each lender is different. Your lender has the right to waive the fees or to require you to pay them. The major factor that influences the lender’s decision is the type of loan you have.
The best way to determine if you qualify for a foreclosure loan is to set up a foreclosure consultation with a home loan modification specialist.
Click here to keep your home and get free advice from one of our foreclosure experts today.
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