Stopping foreclosure after unemployment
Unemployment
Unemployment is at an all time high. If you were the victim of a lay off or downsizing
and you now have found a new job but can not catch up on your payments there is hope.
Unemployment is a temporary situation and we have resources to help resolve the
problem with your lender. You can stop foreclosure and keep your home.
Home retention is our top priority.
If you can show that you can stay current on your mortage payments
you have more leverage than you think with your lender.
Loan Modification
70% to 90% of lenders will negotiate a loan modification where most of the
delinquent payments and foreclosure fees are either wiped out or added onto the
back end of the loan.
Payments can remain approximately the same. In most cases the
interest rate will be reduced permanently. You will be allowed to keep your home
and stop foreclosure in the process.
The truth is the lender does not want your home.
Lenders lose money on bank owned properties as it will sell for
less than market value. Plus they must pay a commission to a Realtor and closing cost in addition to
the cost of holding the property while they wait for a sale in a market that is still depreciating.