| When you have been delinquent on your home's | | | | foreclosure is sent, the better time to consider |
| mortgage long enough for the lender to believe | | | | the options available is upon receiving the letter of |
| that you have defaulted on the loan, the lender | | | | default. A home loan modification is one of the |
| will send you a letter of default. This is the final | | | | many choices available to stop foreclosure and |
| opportunity the lender is allowing for your | | | | save your home. Foreclosure proceedings are |
| mortgage to be brought current in order to avoid | | | | stopped as soon as a home loan modification is |
| the start of foreclosure proceedings. The letter | | | | initiated. Home loan modifications are arranged by |
| will provide information on the default status of | | | | contacting the lender that holds the mortgage on |
| your account. The letter will also provide a date | | | | the home in order to renegotiate the terms of |
| by which the account needs to be brought | | | | the mortgage. The new account that results from |
| current in order to keep the lender from initiating | | | | the home loan modification will keep you from |
| foreclosure procedures. There is still a very good | | | | losing your home and provide a monthly payment |
| chance at this point to prevent the lender from | | | | that is within your means. |
| foreclosing with a home loan modification. | | | | A home loan modification can:o lower your |
| If the date on the letter of default passes and | | | | monthly paymento reduce the principle balance of |
| the account remains delinquent, the lender will | | | | the mortgageo adjust your interest rate |
| then send a certified letter of foreclosure. Auction | | | | It is possible to avoid foreclosure after receiving a |
| dates for foreclosed homes are set by the | | | | letter of default, even after receiving a certified |
| county courts and published in the local | | | | letter of foreclosure. The simplest way to stop |
| newspapers. This letter is public record and states | | | | the lender from foreclosing is through a home |
| the auction date for your home, providing the | | | | loan modification. Foreclosure proceedings stop |
| account has not been brought current. | | | | once a home loan modification is started. The |
| Though it is still possible to prevent the lender | | | | resulting lower payment provides you with the |
| from foreclosing after the certified letter of | | | | ability to keep your home. |