A home is often a family’s most prized possession. Preventing avoidable foreclosures helps keep families in their homes, preserves communities, and prevents avoidable loss. There are options that can save not only your home, but your credit rating, as well.
One of the options is to speak to a loan officer about refinancing your home to receive a lower interest rate. By doing this your monthly payment will be reduced, making your monthly mortgage payment more manageable. Another option if you cannot qualify for a refinance is loan modification. Loan modification typically involves a reduction in the interest rate on the loan, an extension of the length of the term of the loan, different type of loan, or any combination of the three. Most lenders are open to modifying loans due to the fact the cost of doing so is less than the cost of foreclosure.