Nowadays, foreclosure has been gaining public attention as many financially troubled homeowners are likely to experience the risks of losing their precious homes to their respective lenders. Here's a list of most common ways that homeowners do to overcome their foreclosure problems: Find the exact cost that can stop foreclosure and pay it - If you're able to find out the total cost of several missed loan repayments plus the interest; sum them up and pay them off by making a one-shot payment. Hence, you need to be extremely determined to tackle this foreclosure issue and be certain about the total outstanding payment that you need to make. It's not worth losing your home to foreclosure due to a small back payment.
If you answered YES to all of these questions, you may be eligible for the Modification Initiative. Am I eligible if I missed some mortgage payments? Yes. If you missed two or more mortgage payments and answered "yes" to the Modification Initiative requirements above, you may be eligible for a loan modification. Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification? No. Responsible borrowers who are struggling to remain current on their Long Island mortgage payments are eligible if they are at risk of imminent default. Examples of being "at risk" include facing a significant increase in your mortgage payment or a reduction in your income. Contact me to discuss your specific situation. I have a second mortgage. Am I still eligible?
Yes, but only the first mortgage is eligible for a modification.
I have an FHA loan. Can it be modified under this program? Are all loans eligible? Most conventional loans including prime, subprime, and adjustable loans; loans owned by Fannie Mae and Freddie Mac as well as private lenders; and loans in mortgage backed securities are eligible for a modification. Contact me to discuss your specific situation. I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible? Yes. Mortgages on two, three and four unit properties are eligible as long as you live in one unit as your primary residence. What does the Modification Initiative do? If you are eligible for this plan and are approved, you will be put on a trial modification for three months at a new interest rate and payment. If you successfully make the payments and are current at the end of the three-month trial period, your servicer will execute a permanent modification agreement that will lower your interest rate to a fixed rate for five years.
Consider mortgage loan refinance - You can seek such loan refinance either from traditional banks or non-bank lenders. Make sure that you choose the right loan package in terms of its principal interest rate, total loan amount and affordable monthly loan repayment plan. If you couldn't get a larger loan amount, therefore you need to apply for a co-signer loan which requires a guarantor who has a good salary and credit score that can convince those lenders to grant large loan amount to their applicants.
You can consult with your friends or people you know well for any loan modification experts they are willing to recommend, especially those in business. Before making any decisions, be certain that you have talked to more than one loan modification specialist.
If you answered YES to all of these questions, you may be eligible for the Modification Initiative. Am I eligible if I missed some mortgage payments? Yes. If you missed two or more mortgage payments and answered "yes" to the Modification Initiative requirements above, you may be eligible for a loan modification. Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification? No. Responsible borrowers who are struggling to remain current on their Long Island mortgage payments are eligible if they are at risk of imminent default. Examples of being "at risk" include facing a significant increase in your mortgage payment or a reduction in your income. Contact me to discuss your specific situation. I have a second mortgage. Am I still eligible?
Yes, but only the first mortgage is eligible for a modification.
I have an FHA loan. Can it be modified under this program? Are all loans eligible? Most conventional loans including prime, subprime, and adjustable loans; loans owned by Fannie Mae and Freddie Mac as well as private lenders; and loans in mortgage backed securities are eligible for a modification. Contact me to discuss your specific situation. I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible? Yes. Mortgages on two, three and four unit properties are eligible as long as you live in one unit as your primary residence. What does the Modification Initiative do? If you are eligible for this plan and are approved, you will be put on a trial modification for three months at a new interest rate and payment. If you successfully make the payments and are current at the end of the three-month trial period, your servicer will execute a permanent modification agreement that will lower your interest rate to a fixed rate for five years.
Consider mortgage loan refinance - You can seek such loan refinance either from traditional banks or non-bank lenders. Make sure that you choose the right loan package in terms of its principal interest rate, total loan amount and affordable monthly loan repayment plan. If you couldn't get a larger loan amount, therefore you need to apply for a co-signer loan which requires a guarantor who has a good salary and credit score that can convince those lenders to grant large loan amount to their applicants.
You can consult with your friends or people you know well for any loan modification experts they are willing to recommend, especially those in business. Before making any decisions, be certain that you have talked to more than one loan modification specialist.
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