Stop Foreclosure on My House - Loan Modification For a Quick Solution

Are you overcome with stress on how to "stop foreclosure on my house"? If so, you can use loan modification for quick solution.

In order to qualify for loan modification, you need to be able to present a genuine hardship that has made you suddenly unable to keep up with your scheduled monthly mortgage payments - for example: if you lost your job, fell ill, or became injured in an accident. And since loan modification will damage your credit as bad (or nearly as bad) as foreclosure will, it is not the most desirable option for most homeowners.

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People who turn to loan modification for quick solution to "stop foreclosure on my house" generally have zero savings in the bank, no outside resources to draw on, and badly damaged credit. Many have already refinanced their homes one or more times, exhausting that possibility once available to them. In short, it is typically considered a last resort of homeowners for whom foreclosure is imminent.

On the positive side, today's lenders are more open than ever to the possibility of granting a loan modification to a mortgagee rather than foreclose on their home. This is because foreclosure is an expensive process for lenders to undergo - expenses that they are unlikely to see fully reimbursed in a foreclosure sale, especially in today's lagging economy when home sales are at such a low while, simultaneously, foreclosures are at such a high.

If you feel that this might be just the quick solution for you then enlist the aid of a licensed attorney experienced in loan mods to stop foreclosure. This has proven to be a very effective method to get your house or property out of risk in the shortest time span.

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