Need Help to Stop Foreclosure? Here's How To Get It Done Fast

If you need help to stop foreclosure, you have obviously fallen behind with your mortgage payments.  The time it takes to actually lose your home will vary and can sometimes depend on the value of your home.  If your house is way upside down, lenders will sometimes delay the foreclosure process.  If you have equity in your home they will most likely take it as soon as possible so they can sell it and get their money.

There are several options to stop foreclosure.  The most common ways involve an attorney, either through bankruptcy filings or loan modification.  Filing for bankruptcy will stop the proceedings, but it can be a temporary fix.  A loan modification, on the other hand, will be permanent as long as you continue to make your monthly payments.

If you are very close to losing your home, an attorney will be able to delay this process long enough for a loan modification to be completed.  If you have a few weeks until the sale date of your home, you may have another option.

The Obama Mortgage Plan (or HAM Program). When you put this program into action, your lender will not be able to foreclose on you for 90 days.  This gives enough time to complete the loan modification and save your home.  The great thing about the Obama mortgage plan is that is will reduce your current mortgage payments to 31% of your net monthly income.  This includes the mortgage payment, property taxes and even homeowners insurance and HOA dues if applicable.  The rates go as low as 2% and if they cannot reduce your payment to this amount with a rate reduction alone, your lender will increase the length of your loan (30 to 40 years) and may even reduce your balance. 

Their are specific guidelines to qualify for this program and it might be a good idea to use an attorney for this purpose.  If you are in danger of losing your home you do not want to screw this up!  You only get one chance to modify your loan, so you want to get the best possible result.

If you would like more information on help to stop foreclosure, just visit the links below.  Be sure to visit the blog and review the guidelines to see if you qualify for the Obama mortgage plan!