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Best Loan Modification Companies - How to Stop Foreclosure

Countrywide consumers have many question right now concerning Loan Modification Companies and the legitimacy of loan modification programs. However, it has been proven that Loan Modifications are a reality and that it is possible to stop foreclosure proceedings through them.

According to Hector Milla editor of the “Best Loan Modification Companies” website -- www.BestLoanModificationCompanies.com -- through a loan mod those facing a foreclose proceeding are able to;

“… lower their payments, secondly they can get a lower interest rate and they can lower their overall principal, finally they are able to stop foreclosure immediately once they get the loan modified …

But that is not all, the value of homes has decreased and it is very likely that the value of houses close to be foreclosed has been decreased too, then it is possible to save in taxes, a visit to the county tax assessor is highly suggested, see the home values in the area and get information about the way to lower taxes based on the decrease. It is very likely that, if a reduction in taxes is granted that value will be maintained for some time.

H. Milla added “several people are trying to get their loan modified by themselves, that it is not recommendable if you don’t have some type of real estate background, the paper work can be tricky sometimes, trying to save some money can produce devastating effects in the future by misinterpreting the paperwork involved. The best and smart move is research in order to find a reputable company to handle your loan modification…”

The number of people desperate to save their homes is enormous nowadays, so lenders are more than willing to help borrowers to resolve foreclosure problems, those that do not know how to stop foreclosure should get --once again-- help from one of the best debt consolidation companies in the market. A home is a dream, use all possible alternatives to keep that dream alive.

Source: http://www.bestloanmodificationcompanies.com

Visit for further information, this website has listed the best 3 rated loan modification companies.

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Comments

  • Be
      Aug 18, 2009

    5 ways to stop foreclosure: How loan modification works

    The housing market is showing signs of recovering, but a lot of homeowners are still looking for solutions to devalued homes, or adjustable rate mortgages.

    If you are in trouble with your home, and think you have exhausted all your options, there still may be hope.

    According to Dawn Aguilar, owner and founder of The Foreclosure Group, there are new programs coming into play all the time.

    Aguilar created The Foreclosure Group in March of 2008, out of necessity.

    "As a Senior Loan Specialist for many years, I began getting calls from so many former clients asking me to help them with their loan modifications, " said Aguilar. "When the economic downturn began and the bottom fell out of the mortgage industry, I quickly understood that most homeowners have no idea how to get their loans modified. My business focus came about out of need, out of understanding and, most of all, out of the desire to help homeowners in a compassionate manner stay in the homes that they love."

    While each situation is different, and there is no one solution that works for everyone, here are some of Aguilar’s tips to dealing with a troubling housing situation.

    Five ways to stop foreclosure:

    1. Loan modification (Fannie Mae, Freddie Mac, traditional)

    2. Short sale: If your home is worth less than the amount you owe, Aguilar suggests you find out if the lender will cooperate on the short sale. Aguilar says this will affect your credit, but not as badly as foreclosure.

    3. Deed-in lieu of foreclosure: Aguilar says this is when you deed the house back to the lender. This process will affect credit the same as a foreclosure.

    4. Repayment plan (forbearance): This is where the lender will make arrangements to pay back missed payments before taking legal action.

    5. Sell your home

    Six criteria for loan modification:
    1. Job loss/unexpected unemployment

    2. Sudden illness or medical emergency

    3. Divorce/loss of second income

    4. Job demotion or promotion denials

    5. Inability to pay an adjustable interest rate/with no option to refinance

    6. Excessive debt obligations

    Five things to watch out for when hiring a loan modification company

    1. Guarantees, there are NO guarantees ever. Aguilar says beware of a loan modification officer who guarantees they can get you a home loan modification

    2. Offer to buy your house for cash at a price that is below market.

    3. Someone who tells you to make your house mortgage payment directly to them

    4. Advising you to transfer your property deed or title.

    5. Makes a plan to pay your mortgage and then they will lease it back to you.

    0 Votes
  • Ch
      Aug 18, 2009

    NEVER, EVER go to an internet ad, a TV ad, or a RADIO ad for a mortgage loan modification, you will be sorry you did!
    These places are the SCAMMER'S paradise, if you don't believe me, just try them... any of them, you WILL be sorry you did!
    REMEMBER, the so-called testimonials are worthless imitations played by actors. This is true for ANY testimonial on ANY commercial on the internet, TV, or RADIO. DO NOT trust any of these companies.

    Try talking to your bank or talk to a LOCAL mortgage attorney in or NEAR your home town.

    Never sign your property over to anyone or any company.

    0 Votes
  • To
      Aug 19, 2009

    How Can I Get a Loan Modification and Eliminate My Second Mortgage?

    One of the trickier aspects of loan modification involves second mortgages. Before the market plummeted, many lenders offered 100% financing programs, through the 80/20 program. A first mortgage would be given for 80% of the sales price and a second mortgage would be given for the additional 20%. When lenders started foreclosure proceedings, the second mortgages were often written off as losses since property values declined so quickly.

    In an effort to stall foreclosures, many homeowners would file bankruptcy prior to the sale date, which in essence held up the foreclosure for a few months.

    Bankruptcy laws allow judges to approve certain loan modifications and even give them authority to remove or "strip" the second mortgage lien. This process is only approved under certain circumstances. It is available to those trying to reorganize their debts under a Chapter 13 bankruptcy.

    A Chapter 13 allows the court to reorganize a persons debt, but they cannot change a homestead mortgage. There are certain sections of bankruptcy laws that clearly state that a debt or lien is only secure to the extent of the asset's value. If there is a second mortgage that exceeds the value of the property, than that debt technically is unsecured.

    If you purchased with a 100% financing program, or if you obtained a second mortgage prior to the market crash, you have a fair chance of getting if removed. The court will probably require an appraisal to determine the current property value and it is possible that your second mortgage company might file a motion opposing it. It's not the norm, but it can happen. Once you have the court's approval and have made your payment plans you can get a discharge from the court which in essence extinguishes the second mortgage.

    Many laws vary from state to state. Before filing any sort of bankruptcy, it is in your best interest to consult with an attorney specializing in bankruptcy. Everyone's situation is different and there is no one size fits all plan when modifying.

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