federal mortgage modification – LoanMortgageModification.Us http://www.loanmortgagemodification.us Loan Mortgage Modification | Making Home Affordable Program Wed, 04 Feb 2015 12:31:19 +0000 en-US hourly 1 6903208 Federal Mortgage Modification Home Affordable Program Eligibilty Guidelines http://www.loanmortgagemodification.us/mortgage-modification/federal-mortgage-modification-home-affordable-program-eligibilty-guidelines/76/ http://www.loanmortgagemodification.us/mortgage-modification/federal-mortgage-modification-home-affordable-program-eligibilty-guidelines/76/#comments Wed, 15 Apr 2009 16:43:17 +0000 http://www.loanmortgagemodification.us/?p=76 The Federal mortgage modification “Making Home Affordable Program” recently signed by president Barack Obama begs the question, “who is eligible for a Home Affordable Modification”? Well; if you can no longer afford to make your mortgage payments every month, you just may qualify for the Making Home Affordable Program. Even if you are current on your mortgage, you still qualify. This program is just not for people who are past due or delinquent on their mortgage only, but for those who are having a difficult time meeting their payment every month. These are the five questions you must answer YES to in order to determine if you are eligible for the Making Home Affordable Program as outlined in the bill.

1. Is the home you have the mortgage on your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your monthly mortgage payment?
This may be a direct result from substancial 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)?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income? This is your total mortgage payment divided by your gross monthly income.

If you answered YES to all questions then you are eligible, but your servicer (place where you send your monthly payments to) can only say if you do indeed qualify. In order to fully qualify you must be able to exhibit that you have enough monthly income to meet the new revised lowered payment on a continual basis and that the loan modification was the best course of action for you based on the details of your home value and the distinguishing aspects of your present mortgage. In other words if you must have some type of income coming in to cover the new revised mortgage payment otherwise there is no use in revising your mortgage in the first place. In fact; if you cannot meet the new lowered revised payment in the first three months after your mortgage was modified, then your Making Home Affordable revision is reversed by your servicer.

Your servicer will try to get your housing debt ratio down to 31% of your total monthly income by either lowering your interest rate, lengthening the term of your loan to 40 years and/or reducing your principal balance. They can do all three if neccessary and they will receive federal assistance to if they modify your loan.

The Federal mortgage modification “Making Home Affordable Program” is president Obama’s plan of action in order to get the housing market back on track. With the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable right now and for tomorrow.

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]]> http://www.loanmortgagemodification.us/mortgage-modification/federal-mortgage-modification-home-affordable-program-eligibilty-guidelines/76/feed/ 2 76 Mortgage Modification Advice http://www.loanmortgagemodification.us/mortgage-modification/mortgage-modification-advice/48/ http://www.loanmortgagemodification.us/mortgage-modification/mortgage-modification-advice/48/#comments Tue, 31 Mar 2009 18:30:20 +0000 http://www.loanmortgagemodification.us/?p=48 Accredited mortgage modification advice and help from an accredited source, Alex Neely, who is a family financial expert, explains in the below video that mortgage modifications can be done by yourself directly with your lender. You can use the services of an attorney to handle this process if you feel more comfortable he can do a better job then you can on getting a better mortgage modification.
This accredited mortgage modifications expert indicates that instead of sending a mortgage payment into your lender that particular month, you can use this instead to pay your attorney to modify your mortgage. Your attorney (all will) will require an upfront fee to start the mortgage modification process for you.

We (this website) normally is against paying anyone to do a loan mortgage modification for you under the new federal mortgage modification plan “Making Home Affordable” signed recently by president Barack Obama, but this is valid mortgage modification advice expressed by this accredited mortgage modifications expert. The reason is, you were going to send a payment anyways, why not use it to increase your chances of a better loan mortgage modification for yourself, which will keep on paying you (via lower monthly payment) each and every month.

Also; this financial expert indicates that maybe the lawyer you hire might find a problem with your original loan that may work to your benefit, resulting in a better loan mortgage modification.

You do not want to use some fly by night company who wants to take upfront money from you to handle your mortgage modification. If your tempted to do this, first try the loan mortgage modification process yourself. If you are not happy with the new terms your lender came up with, take your mortgage payment and use it to then hire an attorney as the second plan of action. If your still not satisfied, then you may want to use the help of a mortgage modification company you’ve heard was good, or who has done some from people you trust and they were satisfied with their services. Loan mortgage modifications will typically run from 3k to 5k.

The most important mortgage modification advice we can give is:

  • Do your mortgage modification before your interest rate resets (if you have an ARM).
  • Try to do your own mortgage modification yourself first before hiring anyone to do it for you.
  • Explain your hardship to your lender via a written letter. Explain why you need a mortgage modification. Normally, the number one reason is your fixed debt (house/taxes/insurance/car/utilities/credit card debt/food payments) are much higher then what your income allows for. This may be a direct result of reduced hours/a new job which pays less or being terminated from your present job.
  • Use a lawyer to help you do your mortgage modification if you feel it will result in a better program.
  • As a last resort, use a loan mortgage modification company to handle the process for you only if you know that they are reputable.

Please feel free to watch the below video on more mortgage modification advice, help and info!


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