Unforeseen circumstances often drive people to penury and thereby make them default their home loan repayment.
But many of us can prevent this by getting the existing loan modified in an affordable and practical manner.
For a common man, this is easier said than done.
First of all, he has to convince the lender about his present economic situation and he would not default on any payments in future.
Secondly, he has to learn all the nuances associated with loan modification laws prevailing in his state of residence.
Thirdly, the terminology used by banks may totally bamboozle a customer.
And finally, you may not be too successful even after going through all these embarrassments and hardships.
These are very real situations faced by many home owners on the verge of eviction.
But professional help is around the corner in the form of loan modification services that would help you create a fool proof case for loan modification and lower mortgage payment.
The loan modification company, being in the same business, can easily strike deals which may not be possible for a layman.
Loan modification can work both ways, both positive and negative.
It is the prerogative of the bank to either listen to your plea or reject it.
In addition, you may not have the time, energy and inclination to go to your lender every day.
But a good loan modification company can do all these in one go.
In some cases, they would be even successful in getting your loan modified instantly.
Making the lender accede to your demand for a modified loan scheme takes sincere efforts not only from you, but from the loan modification help provider too.
This is why you need to exercise caution while selecting a company to stop foreclosure.
In some very acute cases, no amount of efforts from you and your representing company would fetch the desired results.
In such cases, you can ask the lender to provide succor by allowing you to stay at the house till you find an alternative.
If the value of the home is less than what you owe, you can go for a short sale known as pre-foreclosure redeemed.
Even though your credit reports would be adversely affected by it, you can still save a lot of money here.
But all these depend on how you present your case.
Loan modification companies would provide you free consultation for loan modification but take charges for preparation of your case, negotiations etc.
But still, the amount you pay would be minuscule compared to what you get in return - your home, peace of mind and escape from penury.