Stop a Foreclosure with a Hardship Letter - The full process of stopping a foreclosure is a loan modification—the process of getting the terms of your mortgage loan reworked so that you can better manage paying it. Loan modifications used to be reserved for borrowers whose mortgages became delinquent because of job losses, divorce proceedings, or illness, but today they are also open to those individuals who are suffering in the aftermath of adjustable rate mortgages skyrocketing and placing the monthly payment beyond the means of the borrower.
The key to stopping a foreclosure is: knowing when to submit this foreclosure hardship letter and when to submit the other documents that are critical to the process. However, the letter is of utmost importance because it is what ultimately convinces the lender that your situation is truly temporary and that you will pay your mortgage on time from now on if the mortgage terms are modified to facilitate better management of the loan.
The Foreclosure Assistance Service Team performs forensic audits and loan modification services.
|