Are you over your head in mortgage problems? Are late fees piling up and you fear foreclosure is imminent? A home loan mortgage modification may be your answer.
President Obama has authorized 75 billion dollars to rescue struggling homeowners and stop the rising tide of foreclosures.
Millions of homeowners will benefit.
Banks and lenders on the Treasury Department's approved lender list will receive financial incentives to modify existing mortgages that are underwritten by Fannie Mae or Freddie Mac.
The goal of these reworked loans is to provide a lower mortgage payment for homeowners so they can stay in their home.
This is accomplished by any of these methods at the banks' disposal: lowered interest rates, lengthened loan terms, waived late fees, and even reduced principal.
To apply.
the following guidelines must be met: * Home must be a primary residence.
* Loan amount cannot exceed $729,750.
* The original loan must have been written on or before January 1, 2009 * The current house payment has to be more than 31% of the gross monthly income of the homeowner.
This payment includes property taxes, insurance and association dues.
* Financial hardship must be documented.
* Ability to dependably pay the modified payment amount must be shown in black and white.
These home loan mortgage modifications are only available for a limited window of time, and you can only receive one.
Consequently, you can only apply one time, so you need to get it right the first time! Most experts advise that you should compile your application materials before you contact your lender to increase your chances of success.
You must verify all financial facts and figures with the appropriate paperwork.
Don't delay.
Get the information you need, gather your documentation and complete your application.
You will be required to complete a phone interview with your lender.
Having everything all completed and in front of you gives you confidence as you conduct this interview.
Your home may depend on it!