Is there any way to get a loan modification to prevent foreclosure?

Yes, it is possible to get a loan modification to prevent foreclosure in North Carolina. This type of loan modification is known as a “loss mitigation” loan, which is done by the lender or its servicer. Generally, the loan will be modified through extending the term of the loan, reducing the interest rate, or increasing the amount of time before payments are due. In order for the lender to consider a loan modification, you must be able to demonstrate that you are able to make the new payment and that you have the means to do so. In North Carolina, you can take advantage of the Homeowners’ Bill of Rights, which requires lenders to give loan modifications to homeowners who are facing foreclosure. The North Carolina Attorney General has published guidelines for lenders to follow, and lenders must also comply with the federal Home Affordable Modification Program (HAMP). Additionally, you may be able to get a loan modification through mortgage mediation. In mortgage mediation, a neutral third party helps the homeowner and lender come to an agreement about a loan modification. Mortgage mediation helps to provide more equitable outcomes, protect the homeowner’s credit score, and maximize the chance of a successful loan modification. Overall, it is possible to get a loan modification to prevent foreclosure in North Carolina. You can take advantage of the Homeowners’ Bill of Rights and HAMP, as well as explore mortgage mediation to get a loan modification that works for both the homeowner and the lender.

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Is there any way to get a loan modification to prevent foreclosure?

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