With so many homeowners behind on mortgage payments and struggling to save their homes, many people are asking, will loan modification stop foreclosure? The short answer is yes! Loan Modification will stop foreclosure…if the lender agrees to it.
Loan Modification Will Stop Foreclosure
Generally, a loan modification to stop foreclosure is a voluntary arrangement between borrower and lender, both must agree. Most of the time the borrower is the one pushing for a loan modification to stop foreclosure because they don’t want to lose their home and have to move. This is a possibility when the borrower can show they have enough income to make mortgage payments in the future, and whatever the problem was that cause them to fall behind on mortgage payments previously has been solved. If the lender agrees to a loan modification, and the borrower makes their loan modification payments, the lender must stop the foreclosure sale of the property.
When is the Best Time to Use Loan Modification to Stop Foreclosure
Often times clients try and over-think the loan modification process. Loan modification is not a strategic tactic to stop foreclosure, it is a legitimate way to keep your home and get into an affordable payment for the long term. If you are considering loan modification only as a delay tactic, it’s best to consider other options (delaying foreclosure is often possible). Loan modification can be a great solution for many people, especially borrowers who have overcome a hardship and may be facing foreclosure. Once the loan modification is in place, the foreclosure will stop and the borrower can keep their property.
California Loan Modification Attorneys
McFarlin LLP attorneys handle all aspects of loan modification for borrowers in Los Angeles, Long Beach, San Francisco, Orange County and throughout California. Our attorneys are available to provide you with honest reliable advice at our Irvine office or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified loan modification attorney to represent you and protect your interests. Call us today at (888) 728-0044.