In this economy engulfed in the shadows of the global financial crisis which has made the very foundations of world economies crumble. The whole mortgage industry is now in darkness and everyone is having a hard time, especially homeowners, who are now trembling with the fear of losing their homes along with everything they have worked are for to the dreadful claws of foreclosure.
Foreclosure is the legal and professional proceeding in which the lender obtains a court ordered termination of the homeowner’s equitable right of redemption of his mortgaged home. The borrower homeowner as consequence of borrowing money mortgages his property usually his house as security for the loan and as the lenders primary means of mitigating losses. If the borrower falls delinquent on his payments or defaults the lender gains the right to repossess the home, usually for purposes of bringing it to a foreclosure sale and have the proceeds pays up the remaining of the homeowner’s debt. The courts of equity, however, can grant the borrower the equitable power of redemption which allows him to retake his home provided that he repays the debt.
With the innate right of redemption possessed by a borrower the lender has no assurance of successfully repossessing the home. The lender then turns to foreclosure in order to disable that right of redemption held by the borrower.
The act of the lender repossessing or selling a house and lot after the homeowner has failed to abide with the agreement or terms of the loan is foreclosure as applied to residential mortgage loans. When a foreclosure process is completed through a foreclosure sale, the lender can keep the proceeds from selling the home to pay off its mortgage and any legal costs or charges incurred during the foreclosure process.
There are also instances when a promissory note or loan contract has a recourse clause attachment which means that in cases where the sale of the home does not produce enough proceeds to pay the remaining loan balance plus the additional costs suffered by the lender a claim for deficiency judgment can be filed against the borrower.
Loan modification is the process of altering the terms of an existing loan favorable to the borrower. This is to enable the making of payment within the capability of the borrower. Loan modification is indeed the homeowner’s last stand on the losing battle against foreclosure. Loan modification may as well turn the tides of war and allow homeowners to prevent foreclosure and keep their homes.
Loan modification has gained great popularity as the federal government, financial institutions, and homeowners alike are calling for its patronage. Loan modification allows homeowners to be able to pay their mortgage and therefore keep their homes, allows financial institutions to get paid and have enough cash to sustain operations and remain in business, and helps improve the mortgage industry and the economy and thus helps in the government’s responsibility towards its people.
24VIPINC [http://www.24vipinc.com/loan-modification.aspx] is a reputable company that will help you win against foreclosure and its ally CallComLeads [http://callcomleads.com/loan-modification-leads.html] helps provide telemarketed loan modification leads to loan modification providers to hasten them helping save homeowners from foreclosure.
Foreclosure is the legal and professional proceeding in which the lender obtains a court ordered termination of the homeowner’s equitable right of redemption of his mortgaged home. The borrower homeowner as consequence of borrowing money mortgages his property usually his house as security for the loan and as the lenders primary means of mitigating losses. If the borrower falls delinquent on his payments or defaults the lender gains the right to repossess the home, usually for purposes of bringing it to a foreclosure sale and have the proceeds pays up the remaining of the homeowner’s debt. The courts of equity, however, can grant the borrower the equitable power of redemption which allows him to retake his home provided that he repays the debt.
With the innate right of redemption possessed by a borrower the lender has no assurance of successfully repossessing the home. The lender then turns to foreclosure in order to disable that right of redemption held by the borrower.
The act of the lender repossessing or selling a house and lot after the homeowner has failed to abide with the agreement or terms of the loan is foreclosure as applied to residential mortgage loans. When a foreclosure process is completed through a foreclosure sale, the lender can keep the proceeds from selling the home to pay off its mortgage and any legal costs or charges incurred during the foreclosure process.
There are also instances when a promissory note or loan contract has a recourse clause attachment which means that in cases where the sale of the home does not produce enough proceeds to pay the remaining loan balance plus the additional costs suffered by the lender a claim for deficiency judgment can be filed against the borrower.
Loan modification is the process of altering the terms of an existing loan favorable to the borrower. This is to enable the making of payment within the capability of the borrower. Loan modification is indeed the homeowner’s last stand on the losing battle against foreclosure. Loan modification may as well turn the tides of war and allow homeowners to prevent foreclosure and keep their homes.
Loan modification has gained great popularity as the federal government, financial institutions, and homeowners alike are calling for its patronage. Loan modification allows homeowners to be able to pay their mortgage and therefore keep their homes, allows financial institutions to get paid and have enough cash to sustain operations and remain in business, and helps improve the mortgage industry and the economy and thus helps in the government’s responsibility towards its people.
24VIPINC [http://www.24vipinc.com/loan-modification.aspx] is a reputable company that will help you win against foreclosure and its ally CallComLeads [http://callcomleads.com/loan-modification-leads.html] helps provide telemarketed loan modification leads to loan modification providers to hasten them helping save homeowners from foreclosure.