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My lender has refused a loan modification, any other alternatives during an Accelarated Foreclosure Proceeding?
Now that my mortgage company has turned down my request for a monthly payment modification (even though I documented my current financial hardships), is there any other way for me to save my home? Accelerated foreclosure proceedings have already begun.
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Answers (1)
You really should meet with an attorney right away. It’s possible your lawyer might be able to appeal your mortgage company’s initial decision and propose new terms that would be more acceptable. An attorney will also be aware of any federal programs that might provide you with added assistance in keeping your home.
Bear in mind that there is usually a Period of Redemption during the foreclosure proceeding when you might be able to reclaim your home if your finances should suddenly improve. Also, there are several steps your lawyer can tell you about that may help you lawfully slow down the foreclosure proceedings.
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Posted by Elizabeth Smith on 22 Jan 2010
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