Loan modification is a major player in a lot of foreclosure cases these days. They have become popular because millions of foreclosures are happening each year, and many people who have invested a lot of money in their properties are now scared of losing their homes. This is not surprising - losing a home for most people is a lot like losing a sense of security and stability for most of them.
Usually, homeowners who have temporary job losses, illnesses, rate adjustments, and other short-term hardships avail of loan modification. Most bankers also suggest that you modify your loans during the early stages of a possible foreclosure. It's best to nip the bud at its very early stages to avoid serious damages in the long run. Therefore, if you feel that you are already heading towards an impending foreclosure, it is best to go to the bank as soon as you can in order to discuss your loan.
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There is a reason to this. Foreclosure proceedings take quite a long time to process. Typically, it starts as soon as you miss your payment even for a day. However, it will not be officially declared until you are 3-4 months due and the mortgage company has hired a legal attorney to file the foreclosure paperwork in the court system. This entire process depends on where you live. Some may take as little as 21 days, while others may even go for as long as a year. It all depends on your State's Foreclosure laws, so it's best to acquaint yourself with its mandates as much as you can.
In addition to this, make sure that you do not exceed 30 days. Usually, once you reach past this mark, the mortgage company will not accept your past due payments without your current one. So, if your typical payment is $1,500/mo. and you are 45 days past due, they will want you to pay you $3,000 ($1000 for your past due payment plus $1000 for your current one). They are quite strict on this, and they will send back your payments if they are not complete.
Always remember that you can choose not to lose your home. Don't be scared of seeking the advice of bankers and lenders about loan modifications. Their guidance might prove to be the most valuable one in getting your home back where they belong.
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