The following is a brief but thorough look at taking out a mortgage to prevent foreclosure along with other options available to homeowners prone to foreclosure.

Getting a new home loan (or a refinance loan) requires several criteria:

- High enough credit to qualify you for any new loan

- Enough equity in your home to make it well worth the lender’s while to grant the loan (in other words–the current value of the home must be more than the amount you still owe onto it)

- A provable income that can support your monthly mortgage repayments
A lack of any of these three criteria makes it extremely difficult for any homeowner in default or prone to foreclosure to become approved for a new mortgage loan.
Fortunately there are other options available to such homeowners, not least of which is mortgage loan modification. In order to qualify for mortgage loan modification, candidates must generally meet the following two requirements, a minimum of:

- An authentic hardship that has made them unable to keep the monthly mortgage payments they’d originally agreed to–including sickness, injury, job loss, divorce, a prohibitive increase in an ARM (adjustable rate mortgage)

- Evidence of employment (from you and/or your spouse) that shows the homeowner’s ability, either now or perhaps in the near future, to satisfy their new monthly payment obligation

Loan modification does affect your credit more than a new home, so it is not necessarily probably the most desirable way to stop foreclosure. But when comparing and contrasting a mortgage to stop foreclosure and other options, loan modification can at least keep you and your family in your house, and it’s better of the option than filing for bankruptcy.

NOTE: By researching and comparing the best loan modification companies in the market, you will determine the one that meets your very specific financial situation.

You are very welcome to visit the Loan Modification Foreclosure website – where you can review the best resources to stop foreclosure.