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Mortgages can be defined as putting the real property to secure a loan. Simply put this means that after securing the loan if you fail to meet the terms of the mortgage and fail to fulfill your monthly payments, that were agreed upon then the lender have the rights to sell your property and recover the money. This process of selling the house and recovering the money is called foreclosures.  A mortgage is a two party document, between the mortgager and the mortgagee.

Now, the difference between the real and personal property is real property consists of land and those affixed to land, like buildings, fences, trees, in-ground swimming pools or any other attachment. Personal property is generally the one which is not classified as real property.

One more term that is important is pledge. A pledge is something which means to deliver the physical possession and when you do not give up possession, you hypothecate the property. There are two ways that the mortgages are structured.  This structure process affects in the way foreclosures are held.  The two types of structure are the title theory and the lien theory. In title theory the lender owns the property and deeds it back to the borrower when the loan is repaid and in the lien theory, the borrower owns the property and the lender has a lien on it.

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Mortgages can be defined as putting the real property to secure a loan. Simply put this means that after securing the loan if you fail to meet the terms of the mortgage and fail to fulfill your monthly payments, that were agreed upon then the lender have the rights to sell your property and recover the money. This process of selling the house and recovering the money is called foreclosures.  A mortgage is a two party document, between the mortgager and the mortgagee.

Now, the difference between the real and personal property is real property consists of land and those affixed to land, like buildings, fences, trees, in-ground swimming pools or any other attachment. Personal property is generally the one which is not classified as real property.

One more term that is important is pledge. A pledge is something which means to deliver the physical possession and when you do not give up possession, you hypothecate the property. There are two ways that the mortgages are structured.  This structure process affects in the way foreclosures are held.  The two types of structure are the title theory and the lien theory. In title theory the lender owns the property and deeds it back to the borrower when the loan is repaid and in the lien theory, the borrower owns the property and the lender has a lien on it.

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Once all you steps prior to loan modification are over, it is time for you to concentrate on the process and to help get it over as soon as possible. It is always important that you have a good understanding of guidelines prior to submitting your file and for that matter if your hired loan modification firm can help you in great way. You should also double check your file before submitting and it is also important that whenever you submitted some document for modifications, you keep a track of it, probably by calling or e- mailing and see to it that the officials react to that at the same time.

When the loan modification firm assigns a negotiator to you, it is the time to negotiate in the best possible way. Do present your hardship letter and also show that you case falls into the guidelines of loan modification and show your strong desire to go for loan modifications. Also, an attorney can help you in a big way in a successful negotiation of a loan modification; therefore you should always contact one before contacting you lender. Another apparent benefit of hiring an attorney or a loan modification firm is that they can help you get the loan modifications on the best terms and conditions because they have thousands of hours of experience working with loss mitigation department, completing financial packages and negotiating loan modifications.

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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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Loan modification is a pretty long and complex process, many a times people think that loan modification is a process that can be done by own self also but the truth is that it is a process that you would generally not like to get into as it is pretty long and stressful.  It requires someone with a very strong knowledge of the housing market and conditions prevailing, someone who has expert negotiation skills to deal with the lender.

 And also it is not just a loan modification; the loan modification should be on terms and conditions favorable for you and that in particular is the reason why you should hire a loan modification company to do a loan modification on your part. However, you should definitely see to it that in case the loan modification company that you hire is not able to do the loan modification, it should return the fess that it has charged for the service. The fees that are charged for the service is definitely worth if you are satisfied with the loan modification, which is generally the case if you hire a good loan modification company. However, if that does not happen, it is your right to get the fees that you have paid to the company.

However make sure that you choose a credible loan modification company because that is what would help you get a good loan modification done on your part and it is always better to get the process of loan modification process done by an expert rather than do it yourself.

There are certain important things that you should know before going in for a loan modification programme. If you think you have the ability to fit in those guidelines, it is advisable for you to move ahead with the loan modifications. These guidelines would help you secure a loan modifications on better terms and conditions.

Certain conditions where in loan modifications won't work for you:

•  Rate freeze on the property in the last 12 months or there has been a loan modification earlier
•  
•  Lender did a rate freeze for you without you asking in the past 12 months.
•  You are in a low-fixed interest rate with no hardship and also not behind on your mortgage.
•  If the loan is on adjustable rate mortgage that isn't set to adjust anytime soon.
•   Loan is an option ARM that isn't late or isn't in foreclosure.
•   your are not showing loss of assets but showing hardships.

• The current loan is low interest only payment.
• A fixed rate loan that is at 7.5% or lower

• The loan is 2/28 ARM or 3/27 ARM which is within two months of adjusting
• LOan that is deliquent and have been modified in past 12 months
• High interest loan with a subprime lender, fixed or adjustable
• A adjustable high interest loan within 2 months of adjusting

•  Rate freeze on the property in the last 12 months or there has been a loan modification earlier
•  
•  Lender did a rate freeze for you without you asking in the past 12 months.
•  You are in a low-fixed interest rate with no hardship and also not behind on your mortgage.
•  If the loan is on adjustable rate mortgage that isn't set to adjust anytime soon.
•   Loan is an option ARM that isn't late or isn't in foreclosure.
•   your are not showing loss of assets but showing hardships.

• The current loan is low interest only payment.
• A fixed rate loan that is at 7.5% or lower

• The loan is 2/28 ARM or 3/27 ARM which is within two months of adjusting
• LOan that is deliquent and have been modified in past 12 months
• High interest loan with a subprime lender, fixed or adjustable
• A adjustable high interest loan within 2 months of adjusting

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.