Stop Mortgage Foreclosure: 4 Factors To
By: Michael Clark|LRL Writer
The United States economy is still reeling from the negative effects
of the global recession. All over America, people either lose their jobs or are driven away from their homes.
Debts pile up and mortgage rates shoot off the charts, adding to the hopelessness felt by many Americans.
Luckily, the federal government has put into place laws and regulations designed to help financially stricken
Americans survive the onslaught of the economic crisis. The interest rates of debts were dramatically reduced,
and payment deadlines were extended.
The federal government has stimulated the renewed growth of
the private sector by keeping businesses from folding up and granting emergency loan assistance. In order to
stop mortgage foreclosure, the practice of loan modification has been encouraged among home lenders and homeowners.
Lenders are obliged to assist homeowners who are unable to sustain their monthly payment rates to enter into an
eligibility program for loan modification.
In order to be eligible for
the loan modification program and
stop mortgage foreclosure, the homeowner's current financial situation is analyzed. Factors such as status of
employment (employed or unemployed), monthly income, and debt status are all considered before granting loan
modification. The reduction in monthly payment rates is decided by the homeowner's total monthly income. The
duration of reduced monthly payment rates, on the other hand, is sustained until the homeowner is financially
capable to pay the original monthly payment rates.
The practice of
modification has so far kept countless
Americans from succumbing to the economic crisis because they were able to stop mortgage foreclosure. Losing
one's job is bad enough, but losing one's home is much worse. Once driven into the streets, one's chances of
finding a source of income are greatly diminished. The vicious cycle of incurring debts, losing a job and being
driven into foreclosure due to unpaid mortgage, can have a disastrous effect on one's physical and emotional
In order to ensure that home lenders can implement loan
modification without themselves incurring debt or loss of profit, the federal government has injected billions of
dollars into the housing industry to stimulate growth and foster the practice of loan modification. Thanks to the
federal government, and also many kind and considerate home lenders, the American people as well the economy are
slowly but surely on the road to recovery. The ongoing process of loan modification has successfully enabled
homeowners to stop mortgage
foreclosure and save their homes.
Foreclosure: Are You Eligible To
Help With Foreclosure: Learn What Your Options