How And When Can A Loan Modification Stop Foreclosure?

Jan. 4, 2011 - PRLog -- Your lender must follow specific guidelines outlined in the foreclosure laws of the state you live in, before your lender can start the foreclose process on your home,  which include foreclosure notices being mailed, served, recorded or published.

"It's important for homeowners to find out if they live in a Judicial or Non-Judicial state and to get familiar with the foreclosure laws so they know what their lender can and cannot do, says Marlon Baugh, Author and Nationally Recognized Loan Modification Expert."

The first step for homeowners is to first decide if they want to keep their home and if they can realistically afford it or should they get rid of it and move on.  This decision is very important as it can save you time and money that you could be spending on a property that you really can’t afford and will lose to foreclosure anyway.  This can sometimes be an emotional decision for some homeowners, as they may have lived in the home for many years, it's their first home, their kids grew up there and as a result many homeowners will do almost anything to save their home from foreclosure.

If you want to keep your home then the next step is to try and negotiate a loan modification plan with your lender.

It's important to note that simply applying for a loan modification will not immediately stop the foreclosure process and it will indeed continue until the loan modification is approved.  That's right a loan modification will only stop a foreclosure until it is approved, so during the process you will still get collections letters, calls and foreclosure notices.

The lender will not stop the process in the beginning because they want to make sure you indeed qualify for a loan modification before they do so and sometimes it can take them months to figure out whether or not you do qualify.

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.

Marlon Baugh is available for interviews and will welcome all your mortgage related questions.



http://www.youtube.com/watch?v=N-RMA7vYuFI



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Marlon Baugh is 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://www.insiderloanmodificationsecretsexposed.com/pr