Find Out How A Hardship Loan Modification Can Help Save Your Home!

It wasn't long before I had fallen behind on my mortgage by 3 months after being laid off. I had never previously heard about a hardship loan modification - it's something you don't hear about unless it happens to you! I thought I would get a job within three months but I was wrong and was in serious trouble. I wasn't ignoring the problem, I didn't recognize that I had a problem - after all it wasn't yet 3 months and I had never missed a payment in 11 years. I chose to ignore the warning signals and spent all my energy and time looking for work not realizing that the best way to look after my wife and kids was to keep the roof over our heads. Just before the 3rd mortgage payment was due to go out of my account which now had no savings I realized that I had to talk to the bank immediately.

I had let things get out of hand for almost too long and it was recommended that I get some help as foreclosure proceedings were imminent. The sudden realization hit me. I tried to get a short term loan from my folks but they had limited resources. I went to a foreclosure attorney but because I had no money left she didn't want to help - I mean what was in it for her - she had a business to run and I wasn't in a position to pay!

Unless you've been through this you have no idea of the pressure- you can't think straight - you can't seem to make the right decisions, you have your wife and children to feed as well. Whether you like it or not you know you need help. I knew I needed help - but where was I going to get it?I felt so hassled I prayed really hard. Believe it or not this helped me put into view the things I had to do. On the following Monday I went to the reference section of my local library. The good thing about any library is that the internet and newspapers are free - so you can get good information.

I found some information there about hardship loan modification which seemed a viable way for me to keep my home. I also found out when reading about this that most lending companies and banks prefer to come to an agreement with you if they see that it's better financially for them if you remain in your home. I discovered that it's not in the banks interest to go thru foreclosure proceedings without having tried to get a settlement with the homeowner as mortgage insurance companies are now refusing to pay the mortgage insurance. This was the information I was really pleased to see.

It was a surprise for me to learn that a lender loses 70% of the value of a property once they foreclose. This gave me some ammunition to speak to the bank.

Since I'm not very clued up about financial information and how it has to be presented this was potentially a major stumbling block - I needed a helping hand. As I mentioned before I couldn't afford an attorney but I did find a company when I was researching at my local library that would help!