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According to the CFPB:
“The modification can reduce your monthly payment to an amount you can afford.
Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.
If you are offered a loan modification, be sure you know how it will change your monthly payments and the total amount that you will owe in the short-term and the long-term.”
Often times the buyer must qualify for a loan modification and their delinquent status on their mortgage often prevents them from qualifying for new terms.
Attorney Jon Turner specializes in consultations prior to mediation. Mediation is where the plaintiff and the defendant meet to try to come up with solution to the delinquency. Mediation does not stop the foreclosure process unless you come up with a solution. Many times mediation could actually take time off of the table and cost you much more money in the end.
Why would it cost more to wait out the process as long as possible? Well in most cases, servicers and mortgagers have fees and interest on top of what is owed which is actually eating away at the equity you have in your home. Waiting until the very end could also result in having to sell your home for lower than it is worth because you need to take quicker offers that are generally much less than traditional buyers.
What does the FGON offer for clients in foreclosure? We have a form that we have you sign that actually gives us the ability to talk to the bank on your behalf so the harassment can stop! We schedule everything accordingly with them in order to get you the information you need as soon as possible. The foreclosure process is not as confusing as the banks make it seem and they do that because they want to auction your home! We stay on top of the banks and make sure that we exhaust every last option we have in order to get you out of foreclosure.