Phoenix Loan Modification Questions: Will A Loan Modification Stop Foreclosure?

I am currently facing a foreclosure, will a loan modification stop it?

Yes and no. If you have a loan modification approved, yes, the foreclosure will not happen. But if you are in the middle of completing a loan modification, it will NOT stop the process. Until you have a completed loan modification, the bank has every right to continue with the legal time lines of a foreclosure. While negotiating the loan modification, we do everything in our power to delay the foreclosure date. The bank wants to retain the threat of foreclosure, in case things fall apart, but we have been able to successfully delay the foreclosure sale date many times.

Your best bet is to start the loan modification process early. The sooner you get started, the better chance you have of getting a loan modification completed. Get started today by giving us a call: (480) 389-5199