8 Ways to Avoid Foreclosure: Loan Modification

8 Ways to Avoid Foreclosure: Loan Modification

Foreclosures| Bank Foreclosures
May 07, 2024•1 min read

A loan modification is working with the current lender to modify the loan and payment to get back on track and pull the property out of foreclosure.  Banks have very specific guidelines for what they will approve within a loan modification and they do not tell homeowners what they are looking for in order to get an approval.

The homeowners that are able to get a loan modification are proactive and reach out to their lender immediately after they have received the foreclosure notice. Even then, it is good to have a backup plan in case the loan modification does not go through. Sometimes, the bank will tell homeowners that the bank is “working on it” and for the homeowner to wait for the bank to call them. 

A homeowner can wait for weeks or even months to hear back from the bank that they were denied for a loan modification. This leaves the homeowner scrambling at the last minute to try and find a way to avoid the auction. SAHA will work with homeowners who are currently working on a loan modification. We can write a contingency in the contract that cancels the contract in the event the homeowner is able to get a loan modification from their current lender.

The SAHA Group is a company that buys and sells real estate, and no you don’t have to be in danger of losing it for us to buy it. But when it comes to working with homeowners, buying the property is not necessarily our number one priority. In fact, our favorite stories are where we don’t ever buy a property at all, because helping someone keep their home serves as a reminder to the personal experiences some of us have gone through when fighting to not lose our own homes to a foreclosure.

Save a House America

The SAHA Group is a company that buys and sells real estate, and no you don’t have to be in danger of losing it for us to buy it. But when it comes to working with homeowners, buying the property is not necessarily our number one priority. In fact, our favorite stories are where we don’t ever buy a property at all, because helping someone keep their home serves as a reminder to the personal experiences some of us have gone through when fighting to not lose our own homes to a foreclosure.

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