Mortgage Loan Modification – 5 Things to Always Remember
By admin | December 21, 2009
You will, no doubt, have heard of the new initiative brought about by the Obama Government to help home owners stay in their homes despite difficulties caused by the current economic climate. This is called the Make Homes Affordable Plan. It is a mortgage loan modification plan that could alleviate some of the difficulties that some mortgage payers now find themselves in.
5 things you should know about the new initiative Make Homes Affordable Plan.
- The person applying for the mortgage loan modification must live in the home concerned. The government has introduced this scheme in order to help individuals in difficulty, not to help investors make money.
- The applicant, if they are eligible, will be able to reduce their monthly payment to 31% of their gross income (before taxes).
- The mortgage loan modification is only available for homes that were purchased before 2009.
- You must be up to date with your mortgage payments. But you must also be able to show that you are struggling to keep up with your repayments due to the current economic climate.
- You must not be in a negative equity situation, meaning that your home should be valued at more or equal to your debt to the lender.
If you find yourself in difficulty meeting your mortgage payments, a mortgage loan modification under the new Make Homes Affordable Initiative could be just the type of help needed to see you through these difficult times. You have nothing to lose by finding out if you meet the required criteria in order to take advantage of this scheme. You can do on your own or hire a Loan Modification Attorney who will most likely negotiate the very lowest payments on your behalf.
Topics: Mortgage Loan Modification | 1 Comment »
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