Stop foreclosure assistance is also known as loan mitigation. No matter how you word it the goal is the same. You want to see if you can keep your home. In the process of mitigation with the bank, many stop foreclosure assistance companies have also been known to achieve a lower monthly payment for the borrower, a reduced interest rate and bring down the principle balance of the loan.
A good stop foreclosure assistance company should include a few services. First off is loan mitigation with the bank. I would make sure that once you submit your financials and hardship package to the stop foreclosure assistance company that they make sure you qualify before taking your money (A free Consultation). In other word when you contact a stop foreclosure assistance company you need to get a hardship package filled out and reviewed by the company to make sure they are confident you qualify. Do pay any money till you have taken theses steps.
The good news is that if you qualify for a loan modification with the bank. You can possibly receive a lower monthly payment, lower interest rate and even have the principle amount of your loan brought down. So make sure the stop foreclosure assistance program you are working with is going to attempt this option before any other. The benefits can be well worth it.
A true stop foreclosure assistance program is design to help the borrower achieve great results. No, company giving any type of stop foreclosure assistance should not disregard loan mitigation option with the bank. It is well know that a good loan mitigation expert will have excellent results getting your loan modified.
Thatâ€™s the whole idea behind hiring the stop foreclosure assistance company in the first place. You want to have a trained professional mitigate with the bank. This way you can have your loan modified. When done properly you will be able to afford and keep your home.
You can find more info on the stop foreclosure assistance program on our website.
Stop Foreclosure Assistance is a good means of coming to an agreement with your lender.