1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

How to Stop Home Foreclosures with Loan Modifications by Dallas O'Cannon

For homeowners who are facing potential foreclosure, there are a number of ways they can avoid this situation by using mortgage modifications that keep owners in the home.

 
PRLog - Feb. 7, 2013 - BEVERLY HILLS, Calif. -- For homeowners who are facing potential foreclosure, there are a number of ways they can avoid this situation by using mortgage modifications that keep owners in the home. From refinancing the mortgage to celebrity loan assistance, there are plenty of creative ways to keep people in their homes while avoiding the detrimental effects to their credit.

Loan Modifications

There is little doubt that the earlier you act, the more options you have in gaining a solution that keeps you in the home. In many cases, home owners are aware well in advance that making the mortgage payments will become impossible, yet they wait until the payment is actually due before taking any action.

By taking action as soon as you know that making mortgage payments will be difficult to impossible, the number of options opens up tremendously. Depending on the circumstances, here are just a few ways that you can obtain foreclosure assistance:

1.  Skip a Payment: Many lenders will allow for a payment to be skipped if the situation is temporary, such as an unexpected medical bill or payment. A month is added to the mortgage, but

Refinancing: If the amount due is less than the home is worth, then it’s possible to refinance the mortgage. While refinancing might extend the length of the loan, it can cut down on the monthly payments and interest significantly.

2.  Short Sale: If the mortgage situation cannot be resolved due to a permanent loss of income, then a short sale may be the only solution. A short sale is where the owners put up the home for the price that is generally what is left owed on the mortgage. While the home itself is sold, the owners do not incur any credit or financial penalty on their record since they never defaulted on the loan.

Celebrity Loan Modifications

One of the most talked about courses of action to take is known as celebrity loan modifications. These particular modifications can help restructure the mortgage and keep you in the home. Used at first for the very wealthy, these types of modifications have now spread to the middle class where they can take advantage of new methods of restructuring their mortgage.

The celebrity loan modification is based on the principle that lenders have as much to lose as home owners. Therefore a solution that benefits the owners by keeping them in the home and the lender by the continuing payment of the mortgage is found. The adage “too big to fail” comes to mind when discussing the power of the celebrity loan.

Remember that it is in the interest of the lender to keep you in the home as well to keep making the payments. For the lender, foreclosing means having to re-sell the property which may take months or longer depending on the situation and losing thousands of dollars.

For home owners facing the prospect of foreclosure, there are solutions available including the celebrity loan modifications that can save the property without having to file for bankruptcy.

Contact
MrModifier
***@mrmodifier.com

--- End ---

Click to Share

Contact Email:
***@mrmodifier.com Email Verified
Source:Financial Coaching
Location:Beverly Hills - California - United States
Industry:Mortgage
Tags:Camerin Hawthorne, motivator, foreclosure, loan modification
Last Updated:Oct 20, 2014
Shortcut:prlog.org/12075591
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share