Many homeowners in today’s tough economy have fallen behind in their mortgage payments and believe there is no solution to their problem. There is a solution and you should apply for it today. The solution is called Hardship Loan Modification. This is a program that was passed by Congress in 2009 which gives homeowners a way to redo their mortgage with much better payment terms.

What is a hardship loan modification? It is a program where lenders can redo the mortgage terms with a borrower who has fallen behind on their payments due to a hardship, thus the name. Hardships include loss of job, divorce, and/or medical conditions. The loan modification lender is motivated to participate because foreclosures are very expensive to undertake. The borrowers obviously want to participate because they can save their home and their credit rating, while receiving much better mortgage terms.

As is the case with any government sponsored program, there are a lot of regulations to follow when applying for a modification, which is why many folks connect with a loan modification specialist to file the application for them. The lender is required to collect certain documents from each applicant in order for the application to be approved.

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The foreclosure process may be initiated when a given property owner defaults on his or her mortgage loan
. It is initiated by the lender and can result in the seizure and sale of the property. There are different stages of the foreclosure process to consider. These stages present the borrower with opportunities to bring the loan back to a current standing and negate the foreclosure. The time periods for each stage may vary from state to state as well.

After a specified time period, normally 90 days, the lender files a Notice of Default at the Circuit Court in the county in which the property is located. This serves as an alert to the borrower that the foreclosure process is beginning. This should come as no surprise in the vast majority of cases. This is the time to request the advice of a professional foreclosure consultant. They can help you understand how to save your home from foreclosure. Learn more at Stop Foreclosure Help Today.

The Notice of Default also marks the beginning of a period in which reinstatement is possible. This reinstatement period lasts as long as up to one day before the actual sale of the property. With foreclosure rates at record high levels country-wide, both the lenders and state governments are attempting to give borrowers every opportunity to bring their loans current. Since October, 2007, there has been a 71% increase in the amount of foreclosures filed. There were 81,312 foreclosures filed nationwide in September of this year alone.

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A professional foreclosure consultant is one who represents you in any or all of the following ways:

Stopping or at least postponing your foreclosure sale;

Exercising your rights for reinstatement (if applicable in your state);

Obtaining a reinstatement extension from your lender;

Obtaining a waiver of any clause in your deed of trust or mortgage that accelerates the seizure and/or sale of your home;

Obtaining a loan for you to bring the mortgage loan current;

Assist you in ameliorating any impairment or damage to your credit rating;

Completely stop the foreclosure process.

When you stand to lose your home to foreclosure, the time starts to fly by you like a jet. It seems that you just can’t catch up and you need assistance. Many times, the pending feelings of doom associated with a scheduled foreclosure keep the homeowner so upset that they cannot seem to function optimally. A professional, seasoned foreclosure consultant can step in and return the situation to normal for you – or at least make sure that you are represented as best you can be and make sure that whatever transpires is the best for you that is possible.

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Here’s an idea some people have never thought about.

In some cases, you can use the law to help you stop your mortgage foreclosure; but you need to know what your options are and what you are looking for.

Your best bet is to contact a real estate attorney to look at the foreclosure documents you received from your lender; as well as the loan origination documents that you signed at closing for any mistakes.

The Truth in Lending Act may be the perfect ally for you to stop mortgage foreclosure if you want to call into question the validity of your mortgage loan.

If you want to go this route, you will need to prove that your originating loan documents were wrong. The area where this really comes into play is if your mortgage company made any mistakes in disclosing vital financial information required by law in your loan documents.

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Responding to the current housing crisis, HUD and FHA has just come out with a new program that helps homeowners who may owe more than their home is currently worth.

The Hope for Homeowners program will refinance home loans for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

The program begins October 1, 2008 and ends September 30, 2011. The Hope for Homeowners Program is designed to directly help those homeowners where their mortgage exceeds the current value of their home.

The program effectively refinances (and pays off the current mortgage including seconds) to 90% of the homes CURRENT market value based on a FHA approved appraisal. Your credit score does not matter; but you must be able to afford the new payment after refinancing.

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