PRLog - Jan. 22, 2010 - It's important to first understand the process of foreclosure. The first month you miss your mortgage payment you will probably receive a phone call from your lender. The second missed payment will result in more calls. Usually by the third month you will receive a demand letter stating the delinquent amount, along with a demand to pay it within 30 days.
What Is The Best Loan Modification Company?
Hector Milla Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out;
“…If you fail to make this payment on time your lender will refer you to their attorney. Next, this attorney will schedule a sale of your home. This is the first day of foreclosure. You might find a notice on your door or receive a statement in the mail. Either way, you have until the sale date to make arrangements with your lender to keep your home or pay the amount that is due, now including attorney fees. Still, after the sale date you may have a redemption period, which is a period of time in which you can still get your home back after it has been sold, provided you can pay all outstanding balances and costs that were incurred during foreclosure…”
If you want to save your home and stop foreclosure, it's important to contact your lender as soon as possible. Don't be afraid to call them or answer their phone calls. The sooner you talk to your lender, the sooner you can reach an agreement and come to terms. If you wait, you will fall farther and farther behind and have less chance of recovering.
If foreclosure has already begun--meaning a sale date has been made--you still have time to save your home. The first thing you need to do is contact your lender and find out what arrangements can still be made. Tell them your situation and how much you can afford. Remember that banks don't want to foreclose, they would rather make a deal with you to help you pay your mortgage. In some states you have until the home is sold to reclaim it, and in many states you have a redemption period even after, although once you reach the redemption period you will have all outstanding mortgage balances and attorney fees to pay.
“…The important thing to remember when you're facing foreclosure is it's rarely too late and you should act as soon as possible if you hope to save your home…” H. Milla added.
Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com