Make the Most of Home Mortgage Modification Program. The candidate for home mortgage modification program is one who has an existing mortgage and has difficulty in payment. The mortgage should have been created before Jan. 2009. Loss of income, unexpected medical bills and increase in the cost of mortgage in adjustable mortgage rate may have lead to this financial crisis. Many a times, the home value has gone down and the loan-to-value ratio becomes more than 80%. In such cases, refinancing through conventional methods becomes impossible.
The Making Home Affordable loan modification program began on March 4, 2009. There are two parts to this new plan. First it lets over 4 million homeowners get their loan refinanced. Second, it loosens previously tight guidelines on home loan modifications.
Numerous Americans, facing the realities of the current economic downturn, are facing foreclosure or are finding it difficult to pay off their mortgage. Many Americans are facing lay offs or have to take pay cuts. Naturally, if gross income decreases, the percentage of income that a mortgage takes increases to a point where it cannot be managed. The new plan will allow eligible homeowners loan modifications that reduce their mortgage payments to 31% of their income.
The reduced mortgage payment must remain the same for five years and after that it can be gradually raised until the loan returns to where it was before modification. Homeowners do not have to wait until they are behind in their payments to apply for a home mortgage program. There is an extra incentive for homeowners. Every on-time payment results in a payment to the principal on the loan. If a homeowner has a perfect record of payments for five years, they can have $1,000 per year applied to their mortgage. Lenders also receive bonuses to encourage them to work with homeowners and modify loans.
Should you want to qualify for the loan modification process, it is necessary to check the status of your application with the services. You also need to discuss with your mortgage services about the possibilities of your application being qualified for loan. Apply online and get qualified for the home loan modification program today.
The Making Home Affordable loan modification program began on March 4, 2009. There are two parts to this new plan. First it lets over 4 million homeowners get their loan refinanced. Second, it loosens previously tight guidelines on home loan modifications.
Numerous Americans, facing the realities of the current economic downturn, are facing foreclosure or are finding it difficult to pay off their mortgage. Many Americans are facing lay offs or have to take pay cuts. Naturally, if gross income decreases, the percentage of income that a mortgage takes increases to a point where it cannot be managed. The new plan will allow eligible homeowners loan modifications that reduce their mortgage payments to 31% of their income.
The reduced mortgage payment must remain the same for five years and after that it can be gradually raised until the loan returns to where it was before modification. Homeowners do not have to wait until they are behind in their payments to apply for a home mortgage program. There is an extra incentive for homeowners. Every on-time payment results in a payment to the principal on the loan. If a homeowner has a perfect record of payments for five years, they can have $1,000 per year applied to their mortgage. Lenders also receive bonuses to encourage them to work with homeowners and modify loans.
Should you want to qualify for the loan modification process, it is necessary to check the status of your application with the services. You also need to discuss with your mortgage services about the possibilities of your application being qualified for loan. Apply online and get qualified for the home loan modification program today.
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