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In 2008, over 3.1 million unsuspecting homeowners received a pre-foreclosure notice. Most of these people simply did not take the actions necessary to stop a foreclosure and lost their homes. It’s projected that another 3 million notices of default will go out in the next 12 months. Is your mortgage more than your home would appraise for? Are you finding it impossible to afford your monthly payments?If so, the great thing to know is you may be able prevent foreclosure and reduce your mortgage payments by filing a loan modification request.What is a Loan Modification? A loan modification|mortgage modification|mortgage loan modification} is a reconstructed agreement between you the mortgage holder and lender with updated terms and interest rates. Mortgage modifications can be the perfect solution to stop a foreclosure for home owners who are considering a foreclosure or bankruptcy due to financial hardship.Do You Qualify for a Mortgage Loan Modification?Perhaps you've lost a job, got slammed with unexpected medical expenses, or your current adjustable rate mortgage skyrocketed so you can no longer afford the payment. You've made every effort to save your home from foreclosure, buy you have run across hard economic times and now find yourself late on payments.A mortgage modification may be exactly what you need!Every lender has their own loan modification qualification standards. Here are the most common:* The home is your primary residence* You have had a financial hardship or a change in circumstances* You are late 2 or 3 payments* You have not filed bankruptcy yet* You are not defaulting to get a loan modification* You are willing to be honest, and provide all required documentationIf you have not missed a monthly payment you may still qualify for a loan modification and stop foreclosure if you can prove you are on the edge of suffering a hardship. Meaning, due to circumstances, you will eventually default on your loan if you don't get some financial relief.How to Save Your Home Now!Free Loan Modification Report discusses exactly what you need to know to significantly reduce your house payment and save your home from foreclosure. | | | | | | |  | |  |
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