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Foreclosure Prevention
The most important component to Foreclosure Prevention is to avoid unscrupulous companies that thrive on the financial challenges of homeowners that are afraid of losing their home because they have missed several mortgage payments. The new terminology to prevent foreclosure is Mortgage Modification.
You should first compile the following information before you contact a Mortgage Modification professional:
- 2 to 3 months of Bank Statements;
- Last 2 years of Tax Returns;
- Most recent 30 Days of Pay Stubs;
- Prepare a Budget -
- Overall Income - indicate any reduction in household income
- All Household Expenses including Debts (utilities, credit cards, etc.)
- Prepare a Hardship Letter explaining what has happen to your financial situation that has caused you not be be able to pay your mortgage.
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