Mortgage Lenders Try and Curb Foreclosure Rate

If you're having a hard time making your mortgage payment, you need to contact your lender as quickly as possible. It's in the best interest of the lenders for you to stay in your loan. Foreclosing is expensive. Lenders know they'll take heavy financial losses, so don't be surprised if you receive interest free offers from mortgage lenders to stay in the home. Or, the lender may renegotiate your interest rates, if that's what it takes to keep you in your loan. The sooner you contact the lender, the better your chances are that something can be worked out. The mortgage lenders that don't provide their customers options will likely be the mortgage companies that are forced to file for bankruptcy. FHA mortgage loans have helped thousands of homeowners refinance with the FHASecure initiative rolled out in late 2007.

"As soon as you know you're going to miss your first mortgage payment, that's when we need to be notified. We can explain to the consumer what to expect throughout the process," says John Lawrence, manager of borrower counseling services with Wells Fargo & Co.'s mortgage division. "Say they've lost their job or some other type of hardship has gone on. We can give them time to help get their lives back in order. The longer that you go -- and if you're going into a foreclosure process, there are other fees and costs involved in that -- it does make it more difficult to ultimately get the problem solved." Home Foreclosure Advisors works hand in hand to stop the foreclosure process by negotiating affordable loan modification with most of the loss mitigation department from over 100 different mortgage lenders.

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