Can I Save My Home from Foreclosure?

By: Ed Porter

The recent subprime debacle has left many homeowners wanting to know, "How can I save my home from foreclosure?" Over 500,000 Americans are estimated to be in the same predicament. Fortunately, our newly elected president found an answer to that all too common question.
As interest rates kept dropping, people decided to risk the terms of an ARM (never suspecting the recession). Unfortunately, many people are unable to pay their loan back on time. Instead of being able to refinance with a fixed rate, the ARMs have ballooned and borrowers are facing foreclosure.
This could be anything within reason (your dog dying is not going to fly.) If you experienced loss of income, divorce or separation, job transfer (and you can't sell your house), medical expenses, or unemployment, these are all things you need to write about.
Now, MyCountrywide offers to over 400,000 of their borrowers new terms for the loan. This is a win-win for both parties. Going through refinancing at a cheaper interest rate is much cheaper than a foreclosure any way you look at it. In some cases, they have even lowered the principal balance to keep borrowers in their home.
To take advantage of loan modification tries to be meticulous in the process. Think about it this way; there are thousands of these papers being processed on a regular basis by overworked loan modification specialists. In some cases, your best bet may be finding a consultant. Try following these steps to have a flawless loan modification.
The Modification Hardship Letter is only the first step in this process. Take a deep breath and be meticulous and patient. You want to complete everything correctly the first time. It's not a bad idea to see a consultant that can assist you in the process.
The best thing to do is get a consultant or find a good guide to lead you through the process. If you need help there are resources like to help guide you to the all too common question: Can I save my home from foreclosure?

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