stop foreclosure, foreclosed homesWhen you see foreclosed homes do you ever wonder whether the foreclosure process could have been avoided altogether? In many instances the families that once lived in those foreclosed homes lost their property unnecessarily. Some of those families probably qualified for loan modification or some other deal that would have helped them to stop foreclosure.
How do you know if you qualify for loan modification to stop foreclosure. If you can demonstrate to your lender that you have suffered hardship, then you may qualify for loan modification. Lots of factors are considered hardship including illness, injury, massive medical bills, the death of a spouse or mortgage co-signer, incarceration, job loss, divorce, property damage and reduced income.
People who have suffered hardship are not the only ones who might qualify for loan adjustment so that they can stop foreclosure. If you can prove that the terms of the mortgage were misrepresented when you signed the agreement, then the lender may agree to adjust your mortgage so that you don’t sue them for damages. Mortgage lenders may also agree to modify your loan if you have a variable interest rate which is set to increase.