Save Your Home Now

Fear is a great motivator, and fear of losing my home prompted me to seek a loan modification – salvation from an adjustable-rate mortgage that absolutely seemed frightening as property values tumbled and my monthly payment was scheduled to climb. Sound familiar? An all-too-familiar headline in this era often starts “Record Number of Foreclosures …” as in, 6 million families lost their homes between 2007 and 2010. Speaking from experience: Those who act at the first signs of trouble have the highest rate of success in obtaining a loan modification. Those who wait until foreclosure proceedings have started are almost always too late. If you’re more than a month behind on your mortgage payment, it’s time to get move on a loan modification. It’s probably true that your lender doesn’t want you to default on your mortgage any more than you want to lose your home. Banks already have more residential property than they can handle, and I found they are willing to work with a homeowner who’s underwater. It’s often in their best interest to consider a loan modification too, as the lender is fearful of taking a loss on your home; they would rather get something out of your mortgage than nothing.