In this difficult economic climate, unemployment is up, home values are down, and your bank account may be in the red. Unable to make your mortgage payments each month, you are thinking that foreclosure is the only answer. Perhaps your house has been on the market and with no sold sign on the front lawn you are convinced that there are no options. Well, a loan modification may be a viable alternative.
A mortgage modification is a reworking of the home loan with the main purpose of lowering your monthly mortgage payment to an affordable amount. That can be done through various means. The lender may lower your interest rate, extend the term of the loan, give you a grace period, eliminate certain fees, or any combination of the available options.
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To determine whether or not a mortgage modification is a viable option for you, your lender will ask you to compile a listing of your monthly expenses and income. They will then decide whether or not you can afford to make the revised monthly payment once the loan modification is applied to the mortgage. If you can pay the monthly payments with the mortgage modification, you can likely stop foreclosure process.
Before deciding that foreclosure is the only financial option for your financial future, contact your bank and inquire if you can modify your home loan. They will tell you how to apply for a mortgage modification and within several weeks they should provide an answer as to whether or not you qualify. Perhaps foreclosure is not the only solution and you can have a brighter future ahead.
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