The current unsettled economy, with its high unemplyment rates and unusually high levels of consumer debt, has many homeowners now confronted with the possibility of foreclosure on their homes. Perhaps you are now in a similar situation, whether its the result of a job loss, an illness or injury of a family member, unexpected expenses to repair your home or car, or another financial hardship. If this is the case, it is possible to stop foreclosure now if you act quickly. This means that once you are notified by your mortgage lender that your payments are overdue you need to correspond in a timely manner The more promptly that you deal with this situation with your lender, the more likely they will be willing to work with you. There are various ways to help stop foreclosure now. One such approach is known as a forbearance agreement. This is a short-term arrangement with the lender in which the borrower pays part of the arrearage right away and the balance of it over several months. This is a difficult arrangement for most people, as the make-up payments are on top of the regular house payment each month. Other ways to stop loan foreclosure are the selling of your home on a short sale, obtaining a short refinance loan, executing a deed in lieu of foreclosure, or qualifying for a modification of the existing mortgage. Homeowners who wish to stay in their home usually find that a loan modification is their best option. This is a permanent change in the terms of your loan whereby the lender may either reduce the rate of inerest on the loan, or they may extend the amortization period so that the monthly payments are lowered to a more affordable level Loan modifications have become a very popular method to stop foreclosure now. Their popularity, though, has caused serious backlogs with many, if not most, lenders. Far too many homeowners have been frustrated in their efforts to obtain a loan modification agreement with their mortgage lenders. They frequently are transferred from one low-level employee to another, giving them a feeling of getting the runaround. These people are trained to tell you to send money right away, but they typically don’t have the authority to change any of the terms of your loan. At best, it can be a very time consuming process of submitting documentation, reviewing and signing new loan documents, and nursing the complete transaction through escrow. Not everyone has the time or temperament to successfully negotiate a loan modification agreement. You may wish to consider enlisting the services of a professional loss mitigation expert. Experienced professionals can not only take a lot of the burden off your shoulders by overseeing all the details, and save you time, but they have the expertise to negotiate the most favorable possible agreement with your banker. This may very well result in you saving thousands of dollars over the remaining life of your loan.

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