Imagine if you will the nightmare scenario of being behind on your house payment. It was deemed unnecessary to take the time to recruit the best home loan modification team and now its time to pay up. The number on the last mortgage statement, that you are now calling,which by the way is late by three months and is blatantly stated in red, and the person on the line is an automated voice. This nightmare scenario although now frequent,is still one of the most depressing and horrendous actions that a homeowner can endure.

All could have been and still can be saved by a great home loan modification team. The loss of your home, one of the last bastions of financial stability in America today, when threatened is one of the worst things that can happen to a person. The home represents everything that a family needs, desires and wants. Children grow up in homes people are married in homes, families unit in homes.

The few lucky homeowners who have a lender who is both cooperative and understanding have many paths of which to get out from under an overpriced home in 2009. The action of the United States government for instance has lead to modification terms in the home mortgage industry that have never been enacted since the great depression era. In order to take advantage of these one must build a loan modification team, a team that will salvage the home and lower the price of the monthly payments. The entire goal for the loan modification team would be to make the monthly mortgage payments lower and actually feasible. Speaking of feasibility,the monthly payment, which is the most important aspect when speaking of a pre-foreclosure scenario, needs to be at a position which is affordable by the family. The loan modification team is a very important one indeed.

There are some tips when assembling a loan modification team that should help you through this traumatic time in your life. These tips can be applied whether the homeowner is working directly with the lender or teaming up with an experienced home loan modification attorney. The hiring of the attorney is an important step in the team building process. The loan modification team includes and is not limited to: the homeowner, loan modification representatives, and government officials of the mortgage industry and legal representation.

Now the loan modification team could be elongated with the addition of family members, paid consultants and a wide variety of other specialists in the loan modification world. For the restraints of time,the major players will only be dealt with here and now. The loan modification team is very important.

Starting with the homeowner, the captain of the loan modification team so to speak, this is the person that will dictate and reap the most benefits of a loan modification scenario. The loan is in their good name,it behooves them to keep the home. The reasoning behind recruiting a great loan modification team is to retain the home. It’s that important.

Normally you have a much better chance of retaining the home if you understand your lenders point of view. You do not necessarily have to agree with their point of view of the bank. Many homeowners find themselves at odds against the bank so to speak. Why try to understand the lenders point of view? What happens in the homeowner’s loan modification process is that one side comes from an emotional stance,the homeowner and the other side comes from a strictly financial stance, a more business and cold stance,yes, the lender. When these two sides meet,misunderstandings occur most frequently.

A loan modification team can help wade through these emotional and non-emotional circumstances and come out the other side with a clear understanding of what each side represents and what their desires are. Only after laying all the cards on the table on both sides and disclosing the truth, can the homeowner begin to tend to the root cause of the financial hardships and then develop and implement a proactive support solution that puts the homeowner back on the path to their long term financial goals and dreams. It does not matter how the homeowner ended up in this situation, the risk of losing their home. It also does not matter the lenders point of view,as long as the lenders point of view is understood. Banks, especially the lending institutions who dabble in the mortgage industry,are of course in it for the money. The people that represent the banks that are in it for the money are humans and have emotional attachments. The loan modification team needs to thoroughly understand this concept. Anytime a group of people who are linked together for a common cause that is the essence of a great loan modification team.

The goal of any loan modification team is to rescue the home from foreclosure. This is the only goal that makes sense and is the only goal that needs to be demonstrated in negotiations first and foremost. Secondly, the payment which of course is directly tied into the threat of foreclosure needs to be lowered and needs to be affordable. Nothing else matters. The loan modification team, once assembled, needs to have clear and defined roles in which they can best produce the desired results. The loan modification team needs to be informed and educated to the details of the home plan.

The most important thing you can do with a loan modification is to make sure that you know the loan modification law and your rights before you begin. Make sure you have all the information in front of you to insure you make a true financial situation better,you are trying to save your home, this is vastly important. A loan modification law attorney will be a very good resource for the entire process. Before any loan modification can be given a true consideration, you need to have several items of personal information in front of you in a file folder. Make certain that you have all of your paperwork in front of you before you begin to speak to any loan modification law attorney concerning you’re rights.

They will ask you for this information and to expedite the process and save your home from foreclosure, or even worse,eviction proceedings it behooves you to have your paperwork in order. What this should include will be: paystubs, proof of income, all applicable tax returns for the past six years, default notices, a credit report,and any other information that will be helpful to the lender in modification of your loan. You will need to have at least visited the FHA’s website,which is part of the HUD organization of the government, for all free and accurate information on just what to expect and what you may be eligible for in the entire loan modification process.

The home owner’s rights and responsibilities must always be upheld. Know your rights from the very start, and consult an attorney. The attorney is there for the rights of the homeowner and knows the law well.

There is plenty of free information on loan modification law and rights on the internet. If you do not have access to the internet at your home, please do visit one of the local libraries in your town. They normally have computers that you can use for a nominal fee of one to two dollars an hour or thirty minutes. Please make sure that you research, research, research. The ball is in your court first and foremost in the process of saving your own home. Know the rights. Familiarizing yourself with the loan modification law is one of the most important aspects of refinancing your home. The more you know about the entire process, especially your rights and responsibilities as a homeowner in 2009, will show to the lender that you are serious about saving your home. The loan modification law is varied and vast. In doing your research you will come across many terms and definitions that you do not understand, do not be put off by this. This is where a qualified attorney may come into play. We all know that the amount of attorneys in a town is immense. The most important loan modification law available today, is your rights. The attorney understands these fundamental rights and the attorney is the one to ask.

The average homeowner can do the research and find many loan modification attorneys in their local area. The bottom line of finding a good competent loan modification attorney is cost. What is your budget? It is within your rights to ask as many questions as need to be asked. This must be decided upon before any search is initiated for a loan modification attorney. Given the vast array and specifications of the loan modification law and the attorneys that represent and specialize in them, the cost can be anywhere from $100 dollars an hour to $1,000 an hour. The choice is up to you. There are certain benefits in going with an attorney for loan modification. The first being that they will have the most up to date information on the benefits, rights and responsibilities of the average homeowners situation in a pre-foreclosure proceeding. Tap into this resource as it is a wealth of information and will put the homeowners mind at relative ease.

By being proactive in this process of researching the loan modification laws, the entire procedure will go smoother. Know and understand the rights that you have as a home owner and American citizen.

Stop a Foreclosure Sale and Save Your Home

Foreclosure is a growing problem, with more homeowners facing foreclosure each year. Statistics show that in the first quarter of 2008, a nationwide average of one out of 194 households was in foreclosure. Read on to discover how you can stop a foreclosure sale and save your home.

Foreclosure is a growing problem, with more homeowners facing foreclosure each year. Statistics show that in the first quarter of 2008, a nationwide average of one out of 194 households was in foreclosure. Foreclosure is a tough situation for everyone involved. All you want to do is stop the foreclosure sale and keep your house. Meanwhile, the phone calls and letters begin to come leaving you to worry and stress about what you can do to fix it.

The good news is that there are some ways to solve the problem and government help to stop a foreclosure sale but only if you know your options and act fast. The most important factor is time. If you can address the foreclosure prior to the lender filing for a "Notice of Default", you’ll have a much better chance of having a successful resolution.

If you have received a notice of foreclosure sale, or "Sheriff’s sale" depending on your jurisdiction, you are very short on time. Every day that the sale comes near, you limit your options except for bankruptcy (we’ll get back to that in a moment).

Here are a few common ways that homeowners can avoid foreclosure:

Dealing Directly With Your Lender

One of the best ways to stop foreclosure in the first place is to negotiate with your lender directly for a common solution. Some potential outcomes include repayment plans, loan modifications and short sales. To figure out if this is the right solution for you, you must talk to the bank. Foreclosure specialists may be useful if you’d prefer to leave the negotiations to the professionals.

Bankruptcy

You may have heard rumors that declaring bankruptcy can stop foreclosure. This is technically true, but you should know that the relief will only last a short while. Foreclosure may continue as soon as the bankruptcy court gives the lender permission to proceed. If you file for a Chapter 13 bankruptcy, you can request to have your mortgage loan be considered for repayment. Of course, bankruptcy has many downsides and attempting to settle on a repayment plan using other methods is a better choice.

What About a Refinance?

If you have equity in your home, you might be able to find a bank or private lender to refinance your home in full. Remember that you must be able to pay off the entire mortgage and any legal fees and penalties you may be charged. Refinance is a common option for families going through foreclosure, but it doesn’t happen overnight and is depending on your equity.

The Deed in Lieu of Foreclosure Option

If you are in a situation where you can not continue to afford your home, you might be considering a "Deed in Lieu of Foreclosure". A deed in lieu of foreclosure is literally giving the house to the bank. Although you don’t keep the home, you can prevent a stressful foreclosure that has the same result.

Have questions? Get Help With Foreclosure now. Or, talk to a foreclosure specialist free consultation.

Know Your Options to Stop Foreclosure
If your home is facing foreclosure, getting the necessary information is vital in establishing your defense to stop a home foreclosure.

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By Irene Parkdale Published: 8/4/2008