Don’t wait to begin your home loan modification program. If you do not qualify for a refinance and you don’t want to sell your home with a short sale or loose it to foreclosure or give it back to the lender with a deed in lieu of foreclosure than you should consider a loan modification with your current lender. Don’t wait!
You do not want too much time to go by and get behind on payments and end up with a foreclosure. You do not want to see a form called: “Notice to Vacate”. Prepare for this way in advance. Suppose you are having a hard time making your house payments right now but you are managing. Consider the loan modification program right now. Get ahold of your lender and begin the discussion and even start the process.
Consider what will happen if you wait too long “hoping” things will get better. That you will find a new job or the real estate market will quit slumping and there will be a turnaround and you won’t have to sell or loose your home to foreclosure. What if those things don’t happen before it’s too late. Better to prepare now.
If a “Notice to Vacate” arrives at your doorstep – where will your family and children move to? Have you found a rental agency or landlord that will rent if your fico score gets hammered during the notice of default period? Is your income sufficient to qualify for a rental?
Don’t Wait. Prepare Now. Get started on your loan modification program today.