Can A Loan Modification Help Me If I Am Facing Foreclosure?

Dec. 30, 2010 - PRLog -- Foreclosure is a very expensive process for lenders, on average a foreclosure can cost a lender around $50,000 and with so many homes in U.S. that are already under water,  lenders will want to think twice about foreclosuring on homeowners.  This is why many lenders leave foreclosure as the last option.

If you can't  afford your mortgage payments anymore and you want to keep your home, then you should definately look into applying for a Loan Modification.  

With a Loan Modification your lender is simply changing the terms of your existing loan to make your payments more affordable.  Here is what you could expect from a Loan Modification

-   Late fees can be reduced or eliminated
-   An adjustable rate mortgage can be converted into a fixed rate loan
-   Interest rate can be lowered
-   Your principal balance could be reduced or deferred
-   Extend the loan from a 30 year loan to a 40 year loan
-  If you work directly with your lender then their is no cost to get this done
-  Your late payments can be added into the loan to give you a fresh start, which will
   Eliminate the need for you to catch up on payment.

If you are going to work with your lender directly, you will want to get educated about the Loan Modification process before contacting your lender.  

Florida - based Author and loan modification expert Marlon Baugh specializes in providing information to consumers that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

http://www.youtube.com/watch?v=6c4zSx99XFY



# # #

Marlon Baugh is an Author and a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues. For more insider reports please visit http://insiderloanmodificationsecretsexposed.com/freevide...