How To Stop Foreclosure - Fannie Mae's Home Affordable Modification Program

April 13, 2010 - PRLog -- However, all is not lost. You can stop foreclosure if you look into Fannie Mae's affordable modification program. This means that you can negotiate loan terms and rates that suit your life. The following are some things to consider when pursuing this option.

Hector Milla Editor of the "Best Mortgage Loan Modification" website -- http://www.BestMortgageLoanModification.net -- pointed out;

Figure Out a Budget

“…One of the first things you need to do is figure out a budget that works for you and your life. This means knowing exactly what your income is and what your expenses will be like. Be honest with yourself about what your expenses are so that your budget is realistic. The biggest mistake people make is undershooting what this amount will be. Thus, take the time to be clear so that you know exactly what you owe and how much you have to pay off such bills. This ensures you give Fannie Mae accurate numbers regarding what you can afford in terms of a mortgage adjustment…”

Talk to Fannie Mae Representatives

The next thing you need to do is call up Fannie Mae and talk to them about your financial situation. Explain what has happened to make you get in this place and what you are doing to remedy the situation. The people at Fannie Mae know that times are rough for everyone. Thus, all you need to do is reach out and they will no doubt help you adjust your mortgage so that it fits your needs. This may mean that the group lowers the interest rate you are currently paying or that you extend the term or duration of the loan, or both.

“…You need to cover all of your bases and be honest with yourself when it comes to what you owe and to whom. The only way to stop foreclosure is to take charge of your finances and understand what you can afford to pay each month. If you are honest with yourself, you will no doubt be able to manage your finances. Knowing what you can pay will help you when it comes time to talk to Fannie Mae's staff members. Affordable loan modification is possible if you talk to Fannie Mae about your troubles…” added H. Milla.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net