When
it comes to saving a home from foreclosure, one of the best solutions
you can use is to apply for a
loan modification.
Think of it as a backup plan that you can fall back on. It’s
possible that you won’t get the verdict you want, which is to
retain your home, out of your foreclosure case. Your foreclosure
lawyers will likely advise you to start talking to your lender about
loan modification while they defend your foreclosure case.
Why
this method works
It’s
like a one-two punch delivered in rapid succession—your attorney
does his job of defending you in the courtroom while you work with
the bank’s representative to obtain a more affordable payment plan.
Loan modifications take months to set up, so the ideal time to start
negotiating for one is early on in the litigation process, when
trials and hearings haven’t been set yet. Trying to get a loan
modification when a trial is weeks or days away can be problematic.
An
early start is necessary
It’s
not uncommon for homeowners in foreclosure to start considering loan
modification only when their trial is coming up in three weeks, two
weeks, or even one week. There’s a good chance that these
homeowners have lost a major opportunity to salvage their house. So
for your sake, regardless of how far along your foreclosure case may
be, apply for a loan modification immediately.
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