Stop Mortgage Foreclosure

Loan Modification is One Way to Stop Mortgage Foreclosure

If you are like many homeowners today you may be facing difficult economic hardships that are affecting your ability to pay your monthly mortgage payment. Each month you struggle to make ends meet, especially if you are self-employed or have lost your job or had your hours cut like many people in this country. You may even have fallen behind in your payments and are now receiving collection calls from the lender and nasty letters in the mail threatening foreclosure. There are some relevant facts that you should know and ways to help stop mortgage foreclosure.

It will take the bank at least six months to send you a Notice of Sale (NOS). The estimated quantity of declared or repatriated foreign assets that is anticipated from the new Tax Amnesty Toronto is 60-ninety billion euro with a tax income of three-45 billion euros. If you are behind three months or 90 days, the bank can then send you a Notice of Default (NOD) and begin a countdown of another 90 days before they send you the Notice of Sale. In the meantime you will be pulling your hair out from all the stress and wondering where you and your family are going to live.

One great way to stop mortgage foreclosure is to get into the loan modification process with your lender. You can go directly to your lender but that is taking a big risk if you do not have a lot experience negotiating or if you don’t have the kind of time and persistence that it takes to get it done. Your best bet is to find a solid, reputable, professional Loan Modification company that specializes in helping homeowners to stop mortgage foreclosure.

You will provide the Loan Modification company with some documentation, including four months of bank statements (all pages), current paystubs, utility bill to establish residence, and the last year’s tax return with all schedules attached. The company will have you sign an agreement with them and they will produce some reports and documents which they will submit to the lender on your behalf.

If you are already in NOD, then the process is a little different. If you’ve got been laid off and you are not sure it was justified you may want to get some advice from an Wrongful Dismissal Lawyer Toronto (Toronto employment lawyer). If you are in NOS, then the Loan Modification company can still stop mortgage foreclosure but it will require a different strategy. They need to call 72 hours prior to the actual sale date to the trustee and postpone the sale date for 30 to 45 days. In that time they will attempt to negotiate with the lender in order to get you a lower interest rate or modified loan terms. Sometimes they can get you a 40 year term or principal reduction. All of these will substantially lower your monthly payment and make it more affordable to keep your home.

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