Getting protection from foreclosure is neither an easy nor a slow process. From the day you receive a foreclosure notice in Missouri, you typically have around 21 days to make a decision about your home. While you could have more time, nothing is guaranteed when it comes to foreclosure. If you’ve done any research at all you’ve probably come up with two possible solutions: Chapter 13 bankruptcy or Loan Modification. So, which one is better? Loan Modification has changed in the last year, and not for the better. A year or two ago, I may have recommended a loan modification for those who are in a temporary situation like a job change or small medical emergency that had adjusted their budget in the short term. But with the latest housing crisis and dismal performance of the loan modification, I’m not sure I would recommend it at all, for any situation. Even the biggest lender in America has only approved 4% of requests – leaving the other 96% to fend for themselves.
Typically, you must first fall behind on your mortgage payment to even be eligible for the program. This has led to people purposefully falling behind on their mortgage in order to qualify. Since the waiting line for modification requests is so long, they are often so far behind by the time people are told that they can’t get the mortgage modified that it is impossible to catch up.
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