Probably at any other point history we wouldn't even be having this discussion. Even during the Great Depression -- which most people consider the worst economic time in American history -- the housing situation was probably not as bad as it is today.
I'm going to share with you in this article some of the things I've learned about how to quickly stop a home foreclosure and get back on your feet, but before I do, I just want to let you know where I'm coming from. I don't want you to think I'm one of these Chicken Littles in the news media constantly running around talking about how the sky is falling.
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But I'm also a realist. No doubt about it -- credit is harder to get now, many businesses and people are struggling, and the economy isn't exactly humming along like a well-oiled machine.
However, I do think that there are definitely remedies for us as consumers and as homeowners, and I don't believe all the doom and gloom that the news media desperately wants to portray.
Why This Recession Can be Great News for Homeowners
In fact, if you're smart about the situation and look for ways to take advantage of what's going on right now, you can actually come out of this better off than you were before.
I know this sounds crazy, believe me I do. But let's talk about how to stop home foreclosure, how to stop foreclosure quick, and how to use options like loan modification to not only save your home, but to come out even better on the other side.
Now, by this point you might be saying, what the heck is he talking about?
How is this crisis actually good for me?
Well let me tell you. A hint is in the method that I just mentioned above -- loan modification. And here's why. When you do a loan modification, your bank changes the terms of your loan and reduces your interest rate, maybe your principal, and in turn drastically reduces your monthly payment.
Now stay with me here for a minute because this is where it gets good. When your loan is modified, those new terms are now in effect for the duration of your mortgage. See what I'm saying?
Thanks to the fact that banks are so desperate to help people stop home foreclosure, they're willing to actually give amazing bargains on mortgages. This is what it amounts to. It's like having a fire sale on credit.
Think about this -- let's say a store is going out of business. What do they do? They lower the prices to get rid of everything they can. That's kind of what's happening right now in the mortgage industry.
The banks aren't going out of business -- at least not all of them. But they are certainly in danger of heading that way if foreclosures continue at the rate they are now. So what are the banks doing? They're having a fire sale.
They're now more eager than ever to accommodate borrowers and homeowners who want or need to do a loan modification. This is good news!
And this is why I say that even in times of economic crisis, like we all admit and agree that we're facing now, you can take advantage to put yourself in a great financial position for the future, and to put yourself in a position now where it least you can survive and save your home.
I hope all that made sense, because now we're going to talk about the best ways to go about getting this loan modification that we've been discussing.
First, most experts will tell you that you shouldn't try and do it on your own. Instead an attorney is probably your best bet.
Yes, I know. I don't like dealing with attorneys either. But this is one instance where I think having a legal expert in your corner -- and someone who knows what the banks are up to -- can be an enormous benefit and can often mean the difference between success and failure.
With that being said, not all attorneys who claim to handle loan modifications are created equal. For example, I would always look for a company or firm that offers a guarantee. If they can't get your mortgage modified, you shouldn't have to pay anything.
I would also ask if the lawyer who will be handling your case does loan modifications and only loan modifications all day long.
Loan modifications are becoming more and more popular every day, and quite frankly some people who don't really know what they're doing have sensed an opportunity and are trying to dive into the deep end of the pool before they've learned how to swim.
These are my recommendations, and you certainly don't have to take them as gospel, but they are based on the best information I have at the moment.
Once again, hope all this helps. And most of all, good luck!
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