Frequently Asked Questions about Loan Modifications

With the big buzz about how wonderfully useful loan modifications are it is easy to get a little confused in the happy news. Some people simply want to know how long getting a loan modification takes.

Online PR News – 22-February-2010 – – With the big buzz about how wonderfully useful loan modifications are it is easy to get a little confused in the happy news. Some people simply want to know how long getting a loan modification takes. Others are confused if missing payments can prevent a loan modification from working. Meanwhile there are some people who think that getting a loan modification is super simple and are even trying to do their own loan modification themselves! Do not jump into getting a loan modification unprepared! Instead, please read this article first so we can try to answer a few common questions before you make any big mistakes in getting your loan adjustment.

The biggest question asked usually is that if it's so simple and easy to get so many wonderful effects out of a loan modification, why can't you do it yourself? Well, legally you could do it yourself, but it won't be as easy as with an attorney. You will have to do every bit of the footwork all by yourself and that means gathering all of your financial information from the last two years, organizing it all exactly the way your lender wants, contacting your lender yourself, writing your hardship letter according to California law, weeks or even months of direct negotiation and much, much more. As you can see hiring an attorney will save a lot of time, effort, worry and frustration and can even get better results than doing it yourself.

How long does it take to get a loan modification? Well, that varies depending on your situation and your lender and can tae anywhere from a few weeks to months. Federal and FDIC loan modifications take the longest, sometimes even years, so be patient! What can a loan modification change? A loan modification can lower the interest rate on your mortgage, have some of your debts forgiven, negotiate lower monthly payments, stabilize your mortgage rate and more. A qualified attorney will show you everything you need to know.

After I get a foreclosure notice, how long do I have until I loose my home? Well, the time amount before foreclosure varies though it usually takes about 3 months for a foreclosure to go through the system so if you can contact an attorney quickly you might be able to save your home from foreclosure by getting a loan modification. Can I save my home from a foreclosure sale? Only an attorney can save your home from foreclosure, so contact an attorney from 1st Foreclosure Prevention immediately! You may have quite a few options, but only a qualified attorney can help you for sure.

If I'm not missing payments or not in debt, can I still get a loan modification? Actually, there is no way to know if you would be able to get a loan modification in this state without talking to a real professional. Talking to an attorney at 1st Foreclosure Prevention is your best option for one of kind situations like yours, so call us today!

Do you think you could be in need of a loan modification? Do not waste time trying to do it yourself, instead call 1st Foreclosure Prevention right away!

1st Foreclosure Prevention is a nationwide company specializing in complex legal matters such as loan modifications with years of experience that can help you out of a tough spot and into better times. If you need help making financial ends meet when it comes to your mortgage or lease, 1st Foreclosure Prevention is here for you.

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1st Foreclosure Prevention
67 Buck Road B25
Huntingdon Valley PA, 19006

215-660-5494