Benefits of Loan Modification:
- No Credit Check
- No Appraisal
- Reduce your principal
- Reduce your interest rate
- Erase back payments
- Stay in your home
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- Save your credit
- Protect your equity
- Stop creditor calls
- Avoid bankruptcy
- Free Consultation
- No Obligation
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The Loan Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications. This program will work in tandem with an expanded and improved Hope for Homeowners program
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
Do I qualify for a Home Affordable Modification? Answer these questions:
- Is your home your primary residence?
- Is the amount you owe on your first mortgage equal to or less than $729,750?
- Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
- Did you get your current mortgage before January 1, 2009?
IF YES, YOU MAY QUALIFY FOR HOME AFFORDABLE MODIFICATION.
The next step is to gather the information you will need when you speak to a housing counselor or the servicer of your mortgage. This includes:
CHECKLIST
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your savings and other assets
- Information about your first mortgage, such as your monthly mortgage statement.
- Information about any second mortgage or home equity line of credit on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
If you have already missed one or more mortgage payments – Contact Us Now for a free consultation!!!
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