A loan modification can save your home.
If you are having economic problems and is behind in payments on your mortgage, try to negotiate a plan mortgage modification with your lender quickly to avoid a short sale (foreclosure). There are a variety of programs available to help you avoid losing your home. One of the programs that most benefit to borrowers is the AFORD Home Modification or as many people call it, the loan modification Obama.
What is a loan modification program?
A loan modification is where the lender agrees to reduce the interest rate of your mortgage, arrears added to your mortage debt and extends the term of the loan to lower your monthly payments .
When is a good idea to do a loan modification?
Loan modifications are for people who:
* Have had a long-term reduction in income.
* Your monthly payments and expenses have increased. * Do not have enough
income to pay the fees of your current mortgage
"I can qualify for a mortgage modification? Here are some questions to help you realize if you qualify for a mortgage modification, answer these questions:
1. Do you live in the house? mean, is this your primary residence?
If you are having economic problems and is behind in payments on your mortgage, try to negotiate a plan mortgage modification with your lender quickly to avoid a short sale (foreclosure). There are a variety of programs available to help you avoid losing your home. One of the programs that most benefit to borrowers is the AFORD Home Modification or as many people call it, the loan modification Obama.
What is a loan modification program?
A loan modification is where the lender agrees to reduce the interest rate of your mortgage, arrears added to your mortage debt and extends the term of the loan to lower your monthly payments .
When is a good idea to do a loan modification?
Loan modifications are for people who:
* Have had a long-term reduction in income.
* Your monthly payments and expenses have increased. * Do not have enough
income to pay the fees of your current mortgage
"I can qualify for a mortgage modification? Here are some questions to help you realize if you qualify for a mortgage modification, answer these questions:
1. Do you live in the house? mean, is this your primary residence?
2. It is the loan amount you owe on your first loan (if loan is also segunodo account this amount) much bigger than it costs to home and no more than $ 729,750?
3. Do you have trouble paying your mortgage? For example, we have reduced hours at work, has had a significant increase in house payment, your income has decreased since you obtained your current loan or have had a difficulty that has increased spending, as well as medical expenses, death of a relative, etc.
4. Did you get your current mortgae before January 1, 2009?
5. Is your first mortgage payment, including principal, interest, taxes, insurance and association fees (if you live in a condo), is over 31% of your current gross income?
If you answered yes to these questions, you may qualify for a loan modification with Obama GOVERNMENT program.
The following site, you can get complete information about how loan modifications work as you complete same paperwork to send to your lender. Guide that takes you through the process step by step:
Loan Modification
