Save Your Home
when buying your first home will he realtor “save” your home…Is this classified as pending?
We have not applied for a loan, we are in the process. I don’t want this home to go to waste since it is what we really want.
It is only pending once the owners have accepted your bid. Until then, anyone can swoop in and steal it from you. There is no way to “save” a house for someone.
Free Special Report: Save Your Home
The recent subprime debacle has left many homeowners wanting to know, “How can I save my home from foreclosure?” Over 500,000 Americans are estimated to be in the same predicament. Fortunately, our newly elected president found an answer to that all too common question.
On February 18, 2009, Obama issued the American Recovery and Reinvestment Act to help stimulate the economy and end the pending foreclosures putting America in a state of fear.
Previous to this, Bush introduced the Hope project without much success. It seemed that FHA’s standards to get through the HUD Loan Modification Program only allowed about 1% of the pending foreclosures any relief.
Now, programs like Countrywide Loan Modification can assist borrowers that are experiencing the crisis common with ARM loans and refinancing. If I wanted to know, “Can I save my home from foreclosure,” I would definitely give loan modification a shot.
To take advantage of loan modification tries to be meticulous in the process. Think about it this way; there are thousands of these papers being processed on a regular basis by overworked loan modification specialists. In some cases, your best bet may be finding a consultant. Try following these steps to have a flawless loan modification.
Hardship letter – The letter needs to state extenuating circumstances that made it difficult to pay on time. This does not include loss of equity. However, it does include job loss, income loss, medical expenses, and divorce.
Proof – Whatever your reasons, you need to back it up with papers such as medical bills, divorce papers, or pay stubs.
Financial papers – Anything and everything that states debt and assets.
Countrywide Loan Modification Packet – Don’t forget to dot an” i” or cross a “t.”
The best thing to do is get a consultant or find a good guide to lead you through the process. If you need help there are resources like http://www.freeloanmodificationreport.com/ to help guide you to the all too common question: Can I save my home from foreclosure?
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