Does the lender stop forclosure during a loan modification.

ral5961 · Joined: 03 Nov 2009 Posts: 1 1.30 Dollars($)

we have been doing a loan modification for almost 6 months now and the loan has not been approved yet. the cost that we are spending is 599.00 a month. Our hous e has been put in the public notices and they are going to file a complaint for the foreclosure purpose. How long does that take for the courts to approve and can the lender stop the foreclosure process before it goes to court.

jenkin7 · Posted: Wed Nov 04, 2009 2:38 am Post subject:

Hi ral,

The loan modification process has not yet been approved. But the lender has already started foreclosure process, right? In that case, it is unlikely that the lender will stop the foreclosure on the property. It does take some time for the court to give the lender the permission to foreclose on the property. But in case you want to avoid foreclosure, you should talk with your lender and check out the loss mitigation options like a short sale or a deed in lieu of foreclosure.

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