A hot new solution to consider even prior to a Short Sale or Foreclosure is Loan Modification.  This is a process where the property owner gets their mortgage agreement changed for the better, and both lender and the property owner must honor the new terms.

Some of the Loan Modification options are to lower your interest rate,  the bank or lender to reduce the amount you owe them for your house,  making the adjustable rate mortgage (ARM)  a fixed rate,  extending the loan term for more time,  removing fees or defaults of payment,  or any combination of any or all of these.

Typically the homeowner will hire a Realtor or a Loan Modifier to help them negotiate with their lender, and we have seen these services charge from $1000.00 to $10,000.00 per property for their services. In St. Louis you may ask the Hermann London group to help you, or you can try a random company from other places in the country.

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Please call 314-802-0797 to begin your loan modification process today.

For more information, Check out Wikipedia