Federal Loan Modification - Making Mortgages Manageable [mortgage-assumption.blogspot.com]
Federal financial oversight agencies have issued loan servicing guidelines aimed at keeping military families from losing their homes to foreclosure. Foreclosure Prevention Programs Assist Relocating Military ...
After ten months of intensive negotiations between the nations five largest banks and a coalition of state attorneys general and federal housing agencies, a settlement resulting in approximately billion dollars in monetary sanctions and relief has been reached. The settlement hopes to help hundreds of thousands of distressed homeowners remain in their homes through enhanced loan modifications and provide payments to victims of unfair foreclosure practices.
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President Obama has allocated 75 billion dollars to assist homeowners who find themselves unable to pay their monthly mortgage payment due to extenuating circumstances beyond their control. Millions of homeowners who were facing foreclosure will be able to stay in their homes and get a second chance through a Federal Loan Modification.
Qualified homeowners who meet the application guidelines can actually have their existing unaffordable mortgage rewritten to more favorable terms. Interest rates can be reduced, loan terms can be lengthened, and even principal reduced. This results in a house payment that is less than 31% of the gross monthly income. This payment includes taxes, insurance and homeowner dues.
The hope is that the reduced payment will allow homeowners to remain in their home and remain current in their mortgage. It is truly a second chance at home ownership.
The lender gets a $ 1000. reward for every modified mortgage, and the homeowner gets $ 1,000. for every year up to five that they make their payments on time. This is a sizeable reduction in principal to work toward!These modified loans are only available for a limited time. The application deadline is December 31, 2012. Experts advise that you should prepare your application materials and calculations before you contact your lender. This allows you to prepare your information in line with the application guidelines. It is important to note that you only get one chance at applying for a Federal Loan Modification.
If you are struggling with your mortgage, don't delay. Investigate the program and what is required to apply. Do your homework, prepare your materials, gather your documentation and then contact your lender.
Don't wait until you are behind in your payments; be proactive and do something about it now. Your home is at stake. More Federal Loan Modification - Making Mortgages Manageable Topics
