How to Stop Foreclosure

If you are unemployed but your spouse is employed we may be able to use your household income to support the mortgage modification. We are simply trying to provide solid back up to your financial situation and budget that supports the lowering of your mortgage payment, rate or change in mortgage terms.

HUD responds to this scenario with the answer below.

“Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.”

Sounds like something I would need help with, so I would consult a loan modification attorney also. Just go to http://MyLoanSavers.com and fill out our short form we will have a Loan Modification Attorney call you to explain your options. Plus the consultation is Free.

According to HUD the Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

Make sure when you have a mortgage modification approved you are not being charged late fees. Late fees, late payments and more will pile up when you are close to foreclosure. The only way you can be sure you are getting a “better” mortgage this time is to consult a loan modification attorney.

Let http://MyLoanSavers.com review your needs and place you with a qualified loan modification company in your area.

Millions of homeowners are being denied for a refinance due to recent or current late mortgage payments. Late mortgage payments within a 12 month period are a major red flag for lenders and with the current credit crunch it is nearly impossible to refinance with late mortgage payments. What can you do if your mortgage is late and you need to refinance?

If you have recently fell into a financial hardship there is an alternative to refinancing, it is called loan modification. It is really the new way to refinance with bad credit, mortgage lates or negative equity due to declining home values.

Mortgage refinance denials are at an all time high. When you pay your mortgage late it will lower your credit score drastically and the lates may put you closer and closer to foreclosure.

To avoid foreclosure you can retain a loan modification attorney. A loan modification attorney knows your foreclosure rights and can negotiate with your lender. What can they negotiate?

Here is a partial list below.
- Lowering your current monthly payment.
- Lowering your current principal balance.
- Removal of all late payments.
- Removal of all late fees.
- Payment due date.

A loan modification attorney can actually achieve a better outcome than refinancing a mortgage with bad credit. Shopping for the right loan modification company can be overwhelming. MyLoanSavers.com makes the process simple by placing you with tested and qualified companies in your area. Each company under their network can provide a free loan modification consultation and explain the process. You may need the following documents and information to expedite the process.

Partial list of items needed for a loan modification:
- Last mortgage statement.
- Bank statements.
- Paycheck stubs.
- Breakdown of all bills including utilities, car notes, insurance and more.

If you have been denied for a refinance ask MyLoanSavers.com about loan modification. The information is free and there is no obligation.

What are your rights as a homeowner facing foreclosure?

You have the right to keep your home and stop foreclosure even if you have received a Notice of Default and your lender will not accept payments. Once a homeowner hits 60 to 90 days late on their mortgage the lender will issue a NOD or Notice of Default. After this process most lenders will not accept payments, even if you are trying to get caught up.

You have the right to seek a loan modification by a third party loan modification company or attorney. Loan modification is usually done by a loan modification attorney that has the knowledge, resources and relationships to modify a mortgage.

If your mortgage is late do not send in money to your lender unless you know it will help you. Do not be duped by lenders accepting payments and applying to massive late fees leaving you still behind and in no better situation.

Know your rights by retaining a loan modification attorney. Visit MyLoanSavers.com now and submit basic information about your situation. A qualified and screened loan modification attorney will contact you to discuss your foreclosure rights. Your foreclosure rights allow a loan modification attorney to eliminate late fees, all late payments and negotiate a lower payment.

You can get a fresh start and modify a mortgage into a loan that makes sense for you and your family.