The economic recession began its ugly reign and in 2008 it bore down on the housing market forcing it to begin flailing greatly. To combat the decline, the then Bush Administration created a government funded home affordable loan modification program. The program failed and needled to say, American homeowners were outraged and left to fight the mortgage companies for assistance. 2008 was an election year (hooray!) and the new President Obama made a move that would truly help the homeowners keep their property. His administration wrote up the Home Affordable program.
You are not alone, over 6 million homeowners across the county are facing financial difficulties and need a loan modification program through the government assistance plan. The Treasury Department has recognized the need for some type of intervention, and so they have implemented a federally funded home rescue plan, called Home Affordable Modification. If you are facing financial difficulties, then you should consider applying for this home retention plan-these are your tax dollars at work, so don't hesitate to take advantage of this lifeboat for at-risk homeowners.
The government loan modification plan has standard guideline and standard methods of modifying loans for homeowners who qualify. Home Affordable Modification aims to provide an affordable and sustainable mortgage payment for borrowers by offering a new house payment that equals just 31% of your gross monthly income. The terms of your current loan could be revised to reach this low payment by:
Let it be known that a greatly lowered property value doesn't lower the principal of the loan an modification does very little to assist in that area. Mortgages are based on face purchase values and loan modifications truly lower and change interest rates and do not affect the property value.
This can be the tricky part, because if you fill out your loan modification forms incorrectly you could be turned down-even though you may really be a good candidate. Before you contact your bank to apply for a government loan modification, make sure you take a couple of hours to learn the basics and know what the approval guidelines are. You will then have a much better chance of qualifying because you have prepared your application correctly.
You are not alone, over 6 million homeowners across the county are facing financial difficulties and need a loan modification program through the government assistance plan. The Treasury Department has recognized the need for some type of intervention, and so they have implemented a federally funded home rescue plan, called Home Affordable Modification. If you are facing financial difficulties, then you should consider applying for this home retention plan-these are your tax dollars at work, so don't hesitate to take advantage of this lifeboat for at-risk homeowners.
The government loan modification plan has standard guideline and standard methods of modifying loans for homeowners who qualify. Home Affordable Modification aims to provide an affordable and sustainable mortgage payment for borrowers by offering a new house payment that equals just 31% of your gross monthly income. The terms of your current loan could be revised to reach this low payment by:
Let it be known that a greatly lowered property value doesn't lower the principal of the loan an modification does very little to assist in that area. Mortgages are based on face purchase values and loan modifications truly lower and change interest rates and do not affect the property value.
This can be the tricky part, because if you fill out your loan modification forms incorrectly you could be turned down-even though you may really be a good candidate. Before you contact your bank to apply for a government loan modification, make sure you take a couple of hours to learn the basics and know what the approval guidelines are. You will then have a much better chance of qualifying because you have prepared your application correctly.
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