The Bank Doesn't Want Your House, They Want Your Money

Don't Lose Your House To Foreclosure- Get Debt Relief

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Are you one of the 14.9 million United States citizens without a job as of February, 2010? Or maybe you are currently struggling to make payments on one of the more than 3 million homes that will face foreclosure this year. Or maybe you're just buried in credit card debt and need some relief. If any of these scenarios apply to you, read on.

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The options you are most likely faced with are 1) Foreclosure Proceedings, 2) Refinance, and 3) Loan Modification. Believe it or not, the lender on your mortgage is just as reluctant to move forward with foreclosure as you are.

Face it, when they loaned the money, your home had more value than it does now, meaning they will lose money by foreclosing, so they want to work with you. As for a refinance, unless you have a lot of equity built in, no lending institute wants to loan more than the current appraised value for a home, so this is a very limited option. Which leaves us with a Loan Modification.

What Is A Loan Modification?

A loan Modification is not a refinance. It is a renegotiation of your current loan with your current lender. It can be an adjustment of the interest rate, length of term, even an adjustment of the principal. As I stated above, the bank doesn't want your home. By the time they go through with the foreclosure process, short sale and auction proceedings, paying representatives to market the home and a clean up crew to come in and make it available for public viewing, they have lost thousands of dollars over and above the loss on the loan value. They want you to keep your home as much you do, but they aren't going to admit it. They want to intimidate you into thinking that if you don't make every sacrifice possible to make that mortgage payment, they will have the sheriff at your door the next day putting you and your family on the street. Well, this just isn't true.

Getting Help Getting Debt Relief

But how can you convince get the bank to give you a Loan Modification? You have 2 ways to approach them. Option 1 is to represent yourself, whereas you'll need to be well versed and confident when you make your presentation. To gain the background knowledge needed to convince the bank that this is a "win-win" for both parties. you will need to obtain literature specifically tuned to loan modifications and the processes needed to make a presentation to your lender. This is not easy, but is do-able. Option 2 is to have a professional, trained in dealing with banks and lending institutions, make your case for you. This is the option I chose, and I had my interest rate cut by 3.5 points, lowering my monthly payment by over 0!

Sucking It Up

If you're like me, asking for help is a very hard thing to do. My attitude was "I signed the paper, I made the commitment, I'll suck it up and make the best of it". Well, sometimes life throws you a curve and you swing and miss. I'm here to tell you that sometimes "sucking it up" means swallowing your pride and asking for help before you reach financial DEFCON5. You are not alone. Thousands of homeowners are experiencing the same situation as you are everyday and many are opting for a loan modification as an answer to pending foreclosure. After you've reviewed the options I have presented, please, do yourself a favor and take the next step. Choose a path to get out of debt and follow it through. You have too much invested in your home to walk away.

The Bank Doesn't Want Your House, They Want Your Money

To gain access to the tools needed to better your chances to obtain a loan modification, visit http://www.creditdebtfixes.com and find the option that best fits your situation.

Scott Cordon

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