What You Can Do To Prevent Bank Foreclosure

April 15, 2010 - PRLog -- If consumers realized that there are plenty of ways to prevent bank foreclosure, the outcome could prove to be quite different and much more beneficial to individuals and their families.

Aurora Lillo Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out;

“…Any mortgagee that is having a tough time making their monthly payments needs to contact their lender as quickly as possible. There are various loan modification programs and other options that financial institutions have that they can offer to their customer, and it has been proven that the most open and honest communicators are going to receive the highest level of assistance. Government programs may exist as well and are worth checking into…”

If the circumstances are so drastic that moving out of the home is going to be the only acceptable result, a homeowner can obtain approval from their lender to conduct a short sale. Such a process is simply designed to enable the home to be sold for less than the mortgage amount. While it may seem as bad as losing a home, the simple fact of the matter is that the negative impact to a credit rating is much less severe than a foreclosure and will not follow an individual around like a shadow that is impossible to escape from.

Sometimes a home just cannot be sold in a reasonable amount of time, so it may be the best idea to simply request a "deed in lieu of" foreclosure in which the home is simply signed over to the lender. The mortgagor doesn't have to deal with the expenses of legal filings and the mortgagee often is able to control the negative effects on their credit report. Statistics show that most homeowners that move out using this method are much more likely to leave the property in good repair, so lenders will often allow it.

“…While it is true that there are many different possible methods that can be used to stop foreclosure, it is important to understand that each specific situation and set of circumstances are going to necessitate various courses of action. Because most homeowners can not reasonably consider themselves to be experts in the field, contacting a professional that can provide advice is perhaps the most important first step. Qualified counselors can help an individual discover that alternatives do exist and are really not that hard to pursue…” added A. Lillo.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com