- Loan Modifications
About Loan Modifications
As you may know, for the first time in many years, foreclosures generally are on the rise. Many lenders may have held off on filing for a variety of reasons, but recently that policy seems to have changed and more and more lenders are aggressively pursuing foreclosure, especially when equity exists in the property.
The silver lining is that with this increase in foreclosures, lenders seem to also be more willing to consider homeowners for loan modifications. Despite the negative news reporting on loan modifications, homeowners can benefit greatly from the opportunity to begin making regular mortgage payments again, or even a reduction in their payment, to make their home more affordable. The most important step is to seek the advice of a professional in the industry, such as the HOAP Foundation, and find out what options are available to you.
Although many options exist to avoid foreclosure, they are too numerous to explain without knowing the facts of the individual situation. Each option has its own unique benefits and just knowing what’s out there for you is what’s important. Our Foundation offers free counseling and assistance to homeowners at no charge. Our mission is to keep as many homeowners in their home as possible.