The number one question we get from homeowners is, “Should I wait for the government to help bail me out of my mortgage?” Well we do not want to sway anyone from choosing their own path. We do want to provide you with the tools and resources to make the best decision for you and your family. Decisions which most assuredly will go a long way to helping you save your home from foreclosure. Here is some research we have done on your behalf to answer that question.

Will the government bail me out?

First we have to look at the “bailout” put in place by the government. The initial bailout plan was to buy up bad mortgages and stop foreclosures. This obviously did not happen and most of the funds were used to bailout banks. Why bailout the banks and leave homeowners in turmoil?

Will waiting on government foreclosure assistance hurt me?

So far there is no evidence of direct government assistance to help homeowners avoid foreclosure. The bailout helped the banks and government programs are directed towards helping your lenders, not you. Obtaining a certified loan modification attorney to negotiate with your lender is imperative and can save your home from foreclosure.

What about the new FDIC loan modification program?

The FDIC, Federal Deposit Insurance Corporation, has issued a loan modification program that projects saving over 1.5 million homes from foreclosure in the next year. What is the program about and will it help you stop foreclosure or is it just another bailout bust?  

The Foreclosure Process – How you can come out on top?

Foreclosure and the risk of losing your home is the most stressful thing a family can experience. The foreclosure process is confusing and your rights as a homeowner are not going to be explained by your lender or the courts. You need foreclosure assistance from a loan modification attorney with a successful track record.

Peter is a leading expert on the topic of loan modification. His firm The Loan Modification Network connects homeowners with a nationally recognized group of attorneys licensed in all fifty states to assist homeowners in foreclosure prevention strategies and loan modifications. Call 800-437-2185 or go to http://www.us-loan-modification.com to learn more.

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One of the factors which determine eligibility for assistance under newly approved government programs, is whether or not your circumstances have changed. If changing circumstances have caused a hardship – making it difficult to for you to make your mortgage payment each month – you should look into these plans. Here are 7 situations which may enable you to modify (or even refinance) your loan.

Hardship Reason #1: A Job Loss Put You Behind on Your Payments

Many people, through no fault of their own, have been losing jobs. It’s obvious to everyone that losing a job can impact that persons ability to pay. Unfortunately, most of us don’t have an emergency fund which can cover 3-6 months of living expenses. In fact, most experience problems within 30 days of an interruption in cash flow.

Hardship Reason #2: Reduced Income on the Job

This reason is similar to the first one. Maybe you didn’t lose your job, but your income has been reduced through a cut back in hours or production. Again, changes in the world economy is having "ripple waves" across a broad range of industries.

Hardship Reason #3: Divorce

Have you heard about the increase in couples who have put off getting a divorce because of it’s economic impact? If you’ve recently gone through a divorce you know from experience the effect that’s having on your finances. Your lenders know it too. They see it all the time.

Hardship Reason #4: Medical Emergencies

The cost of health care has probably wiped out more peoples life savings than any other single cause. And it can happen no matter what the economy is doing.

Hardship Reason #5: A Death in the Family

Obviously when a wage earner dies it will impact household finances. (Hopefully you’re prepared for that possibility with adequate life insurance).

Hardship Reason #6: A Huge Sudden Jump In Your Monthly Payment When An Adjustable Rate Mortgage (ARM) Increases

There’s a lot of finger pointing going on in Washington over this one. Doesn’t matter. If you’re caught in this situation it can make you eligible for assistance. Enough said.

Hardship Reason #7: Any Combination of Circumstances or Temporary Setbacks That Have Caused You To Fall Behind

One thing everyone understands — "life happens". The key here is to be able to demonstrate that even though you’ve fallen behind on your mortgage it was caused by temporary events which have now been overcome or solved.

In Closing …

I hope the information you’ve found in this article has helped you to assess where you stand, and given you ideas on how to address your situation. As Americans we can get through this together. We have to. Remember – you can do it. And you’re not alone.

Arm yourself with knowledge and take action now. Learn how to get help from new government programs. Download FREE information at: http://www.betterlivingmarketing.com Benefit from inexpensive STOP FORECLOSURE kits. They walk you step-by-step through the loan modification process. Get more knowledge at: http://www.betterlivingmarketing.com

Article Source:http://www.articlesbase.com/mortgage-articles/7-types-of-hardship-which-could-qualify-you-for-a-loan-modification-830943.html

Loan modification is a word mentioned very often in recent times, also called a mortgage modification, most people have become accustomed with this word during the current economic crisis. As demand has risen to modify ones mortgage rate and terms, assistance with the mortgage modification process has increased from real estate industry professionals and lawyers who specialize in real estate law. In some circumstances, companies charge large high fees upfront simply to begin the process, prior to negotiating any type of loan workout or modification approval which in some states is illegal and unethical. However one leading website is offering a truthful service that provides a money back guarantee and back-up services in case the lender doesn’t see your financial situation as dire. These are the type of honest services a homeowner in these financial times needs that website is applyloanmodification.com

A mortgage modification , or debt restructure as it is sometimes called, is a high demand choice, the objective is to provide a more affordable plan to the homeowners by decreasing their mortgage payments to an acceptable number for the lender and the borrower. The home mortgage modification functions in a way that the terms of the original mortgage loan are modified. This can include reducing the interest rate and/or increasing the loan term and in some instances reducing or forgiving the principal balance.

However, with the mortgage modification process although it is pretty much easy to follow, some issues have arose with how it is handled, with most people feeling that some companies providing these services are not tailoring the plan to their specific needs while charging huge fees before any type of approval, and even worse no guarantee of approval, this leaves the homeowner in a difficult position.

Not all loan modification companies function this way. Companies on the website mentioned below will have a money back guarantee and will diligently help you through the emotional process of getting your home loan modified or initiating a short sale to avoid a foreclosure that lasts ten years on your credit report. This means, unlike many, it is in their interests to get the modification approved, otherwise they receive no payment.

While many homeowners struggling to meet their mortage payment obligations, and the government itself, suggesting leniency, the mortgage lenders have a moral duty to help the consumer. So, with your effort and cooperation a positive outcome is very likely.

Homeowners interested in a Money Back Guarantee Loan Modification program who are behind on their payments or have a financial hardship can apply for a Mortgage Modification at ApplyLoanModification.com or with a Real Estate Lawyer by visiting http://www.OCRealEstateLawyer.net website to have experienced paralegals, debt negotiators supervised by Attorneys who know this business

Article Source:http://www.articlesbase.com/mortgage-articles/who-else-wants-an-money-back-guarantee-loan-modification-828776.html