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It is not a hidden fact that subprime crisis has left people wondering for the options to save their houses. People have initially planned about the payments that they will be making and how will they be making but the subprime crisis coupled with such a strong recession has left people clueless. There are a lot of things that people are now thinking about which includes, how to save their job, how to save their house, how to make the balance payments in case the house is bought for an investment.
                                                              Apparently loan modifications is an option that more and more people are using to save their homes because it gives you time and payment options looking at the financial situations that you are facing. Also, this is one tool that both lenders and borrowers agree upon because it works in favor of both. Loan modification no wonder is a complex process but with a little help from the professionals it is something that is bound to give you long term results. Also, short term sale and refinancing are options that might help you at the moment but they don’t take the option of long term. But loan modification is a tool designed to help you to save your house while you are in financial problems

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There are reports and judgments being made about the recovery and growth pattern of the American economy. But the experience and economic theory suggests that a return to growth at least as far as short term is considered would not be accompanied by an increase in employment.
Now that means that there might be growth patterns starting to take place at certain levels but then that would not show an increase in the employment level of the population. According to the economic theories the labour demand can be affected by the economic downturn in the following ways:
When there is a downturn, employment rates falls
Companies also start stop investing in new technologies
After the innovation cycle, new discoveries continue to be made.
Thus, when demand recovers, surviving companies have the option to buy the latest technology
Those who are able to react quickly are able to increase productivity.
Companies thus can increase production by investing in new technologies, rather than hiring new people.
Now, the problem is that even though the economy starts showing some signs of recovery, there would be a long time when people will get back to job and people would get back to good jobs and would be in a position to pay off their debts. The mortgage market will again have to look out for other tools like loan modifications to recover the debts rather than expecting that people would be in a position to pay off their debts so very early.

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Before taking action of any sought it is important that you understand certain documents. The documents that you signed prior to taking the loan, if you know the significance of the documents it would help you in stopping the foreclosure because you then know which document contains what and how effectively you can use it to save your house.

The very first document and the most important one indeed is the promissory note.  It is the first document that you sign before taking the loan. It is a document where in you have promised to return the money that you have taken. The parties to the promissory notes are borrower and the lender. The promissory notes can be broken down in these major categories amount of indebtedness, location of execution, date of execution, name of the lender, address of the lender, amount of indebtedness, interest effective rate, interest effective rate, interest rate, installment amounts, installment due date, commencement date, final payment date and signature of borrower.

The second document is the deed of trust. These are the documents where you transfer the legal rights to your property to the lender. The parties to deed of trust are trustor, beneficiary and the trustee.

These are the two basic documents that you should be knowing very deeply because, you might need it at any point while trying to save your home.

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If you are in military there are certain apparent benefits that you can get for stopping the foreclosure. Although it won’t relieve you from the obligation, it can allow temporary suspension of the collection while you are on active duty.

The SSCRA has quite a few of the benefits:

If you are on active duty, you can get immediate relief from a pending foreclosure

If your property was sold while you were on active duty, there are chances that you may get your property back

Reduce your loan interest rate when you are on active military duty, or you may be entitled to a lower than market interest rate on you loan.

However to be able to gain these benefits it would be essential for you to be on active duty.

While applying for anything that would give you the benefits of being covered by SSCRA, you will have to prove following things

The debt is secured by a mortgage or deed of trust against your property

You incurred the debt prior to your active duty in the military

Your ability to meet your financial obligations has been “materially affected” by your being in the military.

Basically the court would show sympathy if they believe in the fact that you being in the service of nation has affected you ability to fulfill your loan obligations.

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While you try to stop your foreclosure, there is one thing that is very important and that is to stay in constant touch with your lender. This is important because you need to confide your lender that you are in genuine financial crisis and that you are not cheating on your part. Don’t shy away from your lender since you have not missed your previous payments. It is very much possible that you might not know who your lender is? So, for that try and find out who exactly is your lender. Also possible is that the person that you are thinking is your lender but your service agent.

A servicing agent can be a company, a bank or a mortgage company. However, you would not have to face much of the problem for getting the lenders name from the service agent.  And then it will be your wish weather you want to contact by telephone, email, fax etc. But the fact is that communicate with your lender about your plans to save your house and also keep him/her timely updated with the facts that what are the latest happenings and that you would like him to help you in this time of his crisis.

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Short sale happens when the borrower cannot afford to make the monthly payments and has to find a means of getting out of the bad financial circumstances by selling the home. Short sales is a process that usually is not favored by the lenders because it’s a process where the lenders make a loss. Lenders are usually losing about 40k-100k on sale of every house. Thus they would allow short sale to happen only if it is beneficial for them as well as you.

However, loan modifications are easier and better options since it is something that even the lenders prefer because as it is the lender or bank does not want your home, they want their payments, and they are ready to wait a bit longer for it. Thus if you think at the core, loan modifications help you save your house and make payments. It is much better process than short sale because both the parties involved tend to benefit in this process.
Some basic things that you will have to do are:

•    Calling the Lender
•    Submitting Letter of Authorization
•    Preliminary Net Sheet
•    Hardship Letter
•    Proof of Income and Assets
•    Copies of Bank Statements
•    Comparative Market Analysis.
•    Purchase Agreement & Listing Agreement

And as far as present scenario is considered, loan modifications are definitely the thing because short sale is a very week options as the property rates has fallen. However take a informed decisions as to what exactly do you want to go for.

Loan modification is one of the best ways to get relief from foreclosure in today’s times. But the problem is that loan modification is a sigh of relief in the housing market today to save your home, not everyone gets through it and that is disheartening. However there are some simple tips through which you can increase your chances of loan modification.

First up of all, you should have your hardship letter ready with you because until and unless you have that the letter, the lender would not show much interest to your application. There can be many hardships that you might be facing illness, job cut, any sudden hardship etc. Be sure you mention that and also have it approved accordingly. This would help you in big way as this would be the first step.
Secondly, keep all your documents intact so that anytime you need a document you have it with you. The documents range from the monthly payment details to your failure to make payments. Also, these documents would differ according to your situation and you’re your lender.

Last but not the least you will have to decide whether you will go ahead with the loan modification by yourself or would hire a professional. Hiring a professional has certain benefits like he has better experience and knowledge and chances are more if you hire a professional. However, if you are very confident that you can go ahead by yourself, you can do so but if you think you don’t have much knowledge, hiring a professional for this service is any day a better option and also worth the money that you spend.