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Fight To Keep Your Home By Lowering Your Mortgage Payment

 

In danger of foreclosure?

If you’ve begun to fall behind on your bills and think you might be in danger of losing your home due to unrealistic or spiraling mortgage payments, you need to know the options available to you. A real estate attorney will help to make you aware of the options available to you.

The housing crisis spreading across America doesn’t seem to be slowing down but there are now a variety of government as well as bank-led programs that may allow you to lower your mortgage payments and keep your home. foreclosure attorney are well informed of various programs that are there to help you, so contact one to get the best information available about your specific case.

Loan modification programs are designed to help homeowners renegotiate their monthly mortgage payments with their lenders in times of economic hardship. If you are currently falling behind on your mortgage payments or about to, there are tips to follow on avoiding foreclosure.

Each lender or program will have their own individual eligibility requirements for loan modifications as well as required forms such as:
  • Financial documentation
  • A letter of hardship
  • A variety of tax records
  • Pay stubs, W-2’s, and
  • Other personal information
While the process can seem daunting, the results are well worth it if you are able to negotiate a lower interest rate and ultimately a lower monthly mortgage payment that could mean the difference between home ownership and foreclosure.

Besides the financial and emotional devastation of losing your home, foreclosures can have long reaching effects on almost every aspect of your life through its impact on your credit report.

Having a foreclosure on your record will drop your FICO score 200-300 points and will remain there for 7 years. Your credit rating is used from everything to buying a car to getting a decent interest rate on credit cards and sometimes even qualifying for a good job.

Rebuilding your credit can take years and if you are already struggling to pay your bills, facing higher interest rates may put you even further behind. Foreclosing will also prevent you from being able to purchase another home for several years due to the restrictions and interest rates from your lower credit score. Loan modification is available as a resource for homeowners to avoid foreclosure and keep their home, and credit in tact.

No one wants to lose their home, and through loan modification and homeowner assistance programs you can fight your foreclosure.

Complete our short questionnaire now to see a list of experienced attorneys in your area.
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