My Loan Modification Was Not Approved. What Can I Do Now To Stop Foreclosure On My Home?
While it’s clear that for many people who want to try and keep their homes and avoid foreclosure that a loan modification is the best route to take, unfortunately, not everyone will qualify for a successful loan modification.
If you find yourself in the situation of applying to a loan modification, and being rejected, you might be wondering to yourself “What Am I Going To Do Now To Stop Foreclosure On My Home?”
Hopefully this article will give you some good ideas on what to do next in order to avoid foreclosure if your application for a loan modification fails.
The first step is to go back to the person who tried to help you with the loan modification and ask them to find out why you didn’t qualify for a loan modification.
Many times, homeowners can correct or change the reason that caused their loan modification to be rejected. By finding out exactly why your loan modification was rejected, you should see if you can change your situation in anyway so that the loan modification can be re-submitted and ultimately approved.
However, if you can’t change your situation and the loan modification can’t be approved, then you really need to sit down and get realistic. If keeping your property was your ultimate goal and you don't qualify for a loan modification, it now looks as though you will be forced to sell it.
Selling the property before the foreclosure auction date will help you avoid foreclosure and keep you from having a foreclosure on your credit report.
So how can you find someone to buy your property? One quick and easy way is to head to our website at www.SaveMeFromForeclosure.com and click on the
“Help Me Sell My Home Fast” button and complete the form. In fact, you can even do this if you have already submitted the form trying to “keep” your home.
Once you’re in contact with someone about buying your property, you might, if you have little or no equity, be forced to do a short sale. A successfull short sale requires a knowledgeable investor, so make sure that they have the experience that can help you. Remember that a short sale is much better, and far less damaging to your credit, than just letting your home go into foreclosure.
Finally, if you can’t find a buyer, your loan modification is rejected, or if the short sale is rejected, you can also find out about a “Deed In Lieu Of Foreclosure”. This is another strategy where you trade in your deed instead of going through the foreclosure process. This strategy is a good last resort if you still haven’t found anyone to purchase your home from you or you don't qualify for a loan modification.
As you can see, just because your loan modification was rejected, doesn’t mean that you need to lose hope. Remember that you can still sell your home, if you find an experienced buyer who can help you with your property. Selling your home is a far better alternative to just allowing your property to go into foreclosure.
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Remember that we’re here to help you stop foreclosure fast on your home, whether you want us to try and help you keep it or sell it. For your free consultation or to find more information about a loan modification, visit our Questionnaire Page and be as detailed as possible to receive your totally free, no-risk, no-obligation analysis of your situation.