Many Are Qualified For Mortgage Loan Modification Assistance And Dont Even Know-imjpmig

Loans Most Americans are going through hard financial times, and homeowners are going through the worst financial hardship of all. Millions of homeowners are on the brink of foreclosure because they are unable to afford their monthly mortgage payments. More and more homeowners have to turn to their lenders for mortgage loan modification assistance in order to stay in their homes. Mortgage modification assistance is a reduction of monthly mortgage payments as dictated by the lender. The mortgage is spread out over five years with the interest rate and payments lowered to ac.modate the homeowner. There are a number of free counseling services to help homeowners know if they qualify for asstance on modifying their mortgage loans. In order to qualify, a homeowner must be able to prove to their lender that they are under financial hardship and are unable to pay their mortgage. A homeowner must have full documentation of their in.e and taxes, as well as any pay stubs if applicable. There is a slew of criteria lenders look at when considering a borrower for mortgage modification assistance aside from their in.e, including: when the mortgage was initially taken out, how much the mortgage loan is for, if the borrower lives on the property they are trying to reduce payments on, the borrower’s credit and mortgage payment history, and whether or not the borrower has filed for bankruptcy or not. The qualifying criteria for assistance is set by the Obama Administration’s Home Affordable Modification Program, which has been tailored specifically to fit the current economic and housing crisis. But just because mortgage loan assistance is a viable option, does not mean that is easy to acquire. Lenders are not as enthusiastic about this type of mortgage assistance, understandably. They lose money on modifications, even if they receive $1,000 at the end of the year of a homeowner pays their reduced payments on time each month. For many, the only way to fight through the red tape and get help from their lender is to seek a loan modification attorney to handle the negotiations and red tape. It is possible for a homeowner to undertake the task of negotiations with their lender, but the chances of success are much higher with the help of an attorney. There are also free counseling firms and services available for homeowners who are not sure whether or not they are eligible for mortgage loan modification assistance. These free counseling firms are a life and time saver for many. If a counseling service is requesting an upfront fee to their services, a homeowner should always approach with caution and first consult the BBB on the firm’s legitimacy. If a homeowner dives in with a assistance scam, they could end up much worse off than they started and not be able to get out. About the Author: 相关的主题文章: