What am i suppose to do now that im told i cant get a loan mod, what are my options then? Is there still a chance to stop foreclosure if you are denied the choice of loan modification? The answer is most definitely a yes! Let us look at all your other options to put a stop to mortgage foreclosure if you are not eligible for loan modification:
1) Hardship Letter, hardship letter and hardship letter to stop your foreclosure, this is probably the most-used option after the solution of refinancing. If written properly, the hardship letter could be an extremely useful tool to help your creditors understand of your current financial situation, and obtain their sympathy for you to get back on track in terms of mortgage payments. You could either draft out the letter yourself, or get assistance from a legal professional to help you with the letter. The hardship letter has to be attached with the appropriate supporting documents before you meet your creditors for negotiations.
2) Another option to stop foreclosure now is by asking for a foreclosure court hearing, this is a legitimate and legal way that many undertake in order to stay in your home as your work towards staving off foreclosure proceedings and get your finances under control again. There are normally hundreds of cases waiting to be heard in each circuit court in the country, thus when you file your case, you would be required to wait for a duration of a few months to up to two or three years before your case goes to court. That means plenty of time for you to work on your finances and get back on track in terms of mortgage payments.
3) Locate errors within your Housing Closing Contract, and use them to your advantage to get foreclosure proceedings off your back! You could either run through the documents yourself, or get a lawyer to find the errors for you! But hiring someone would mean having to pay him/ her for the service, thus it is best that you do it yourself (as the errors are fairly easy to locate).
As you can see, there are plenty of ways to stop foreclosure as mentioned above. There are also other ways such as filing for bankruptcy, but only explore this option if all other solutions have been depleted.
