Do a loan Modification to Stop Foreclosure
If your home is facing foreclosure for whatever reasons that you were not be able to make mortgage payment, now you have made enough money to make the monthly payment, but just don't have enough to pay for the lump sum arrearage, you can ask lender to do a loan modification. By doing a loan modification, you can stop the foreclosure and save your home.
A loan modification A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor/borrower can afford.
1. By modifying the loan, you can avoid paying the lump sum of the PITI arrearage upfront and spread those payment into may years;
2. You can change shorter mortgage term to a longer term to lower down the monthly payment and make you payment affordable even your income is less then before;
3. You can also ask your lender to waive the legal fee and later fee. Just ask for this.
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