90% of loan modifactions go back into default within the first six months. For the Obama program, they MUST stop the foreclosure.

If you hire the right loan modification attorney they should be able to stop the foreclosure unless there are extenuating circumstances that the loan modification attorney can't mitigate. In general, a bank can't foreclose on your home during a loan modification, but that is assuming your loan modification has handled the issue up front. If you have someone that doesn't know what they are doing, then buyer beware.

The answer is yes! The banks have different departments doing different things. One department is doing the foreclosure and another department is doing the loan modification. They department doing the loan modification typically will not put the foreclosure on hold until the modification is approved. So if your getting closer to the sale date make sure your call the rep handling the modification and try to get the case on hold. If they say the case is going to be placed on hold , try to get something in writing.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin

Trex,

Make sure that all parties are aware of what you are doing! Lender with loan remodification and your current lender and or any agents or attorneys involved. Also get it documented! As long as all parties are involved you should be o.k however cover your back, and also request the foreclosure be postponed and request documentation, always, always!

Lucinda Tkach
Windermere


Lucinda Tkach

Trex,

It is a possibility. Many times with the banks the right hand doesn't know what the left hand is doing. Do you have a Trustee Sale date (foreclosure date)? If you do but you are in the middle of a modification just keep on them and make sure that they have postponed the date in order to allow for the modification. If you don't know if you have a foreclosure date feel free to call or email me and I'll look it up for you.

If there is anything else I can can do to help, please feel free to call.

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First Realty
Mesa, AZ
480.560.7255
shar@speakingofphoenixrealestate.com
Twitter: @SharRundio

Yes and no it depends upon you lender some lenders stop any foreclosure activity while they are trying to help you modify the loan and some continue on the parllel path. Hope this help.Good luck.